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$50,000 per year of quality life (the "dialysis standard", [39] which had been a de facto international standard most private and government-run health insurance plans worldwide use to determine whether to cover a new medical procedure) [40] $129,000 per year of quality life (an update to the "dialysis standard") [41] [40]
A long-run average cost curve is typically downward sloping at relatively low levels of output, and upward or downward sloping at relatively high levels of output. Most commonly, the long-run average cost curve is U-shaped, by definition reflecting economies of scale where negatively sloped and diseconomies of scale where positively sloped.
Visualisation of Numbeo's 2023 cost of living index by country. The cost of living is the cost of maintaining a certain standard of living for an individual or a household. Changes in the cost of living over time can be measured in a cost-of-living index. Cost of living calculations are also used to compare the cost of maintaining a certain ...
[3]: 208 When long-run marginal cost is below long-run average cost, long-run average cost is falling (as additional units of output are considered). [3]: 207 When long-run marginal cost is above long run average cost, average cost is rising. Long-run marginal cost equals short run marginal-cost at the least-long-run-average-cost level of ...
Since upper and lower bounds of the true cost of living index can be found, respectively, through the Laspeyres and Paasche indices, the geometric average of the two, known as the Fisher price index, is a close approximation of the true cost of living index if the upper and lower bounds are not too far apart. [6]
Economists tend to analyse three costs in the short-run: average fixed costs, average variable costs, and average total costs, with respect to marginal costs. The average fixed cost curve is a decreasing function because the level of fixed costs remains constant as the output produced increases.
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Whole-life cost is the total cost of ownership over the life of an asset. [1] [clarification needed] The concept is also known as life-cycle cost (LCC) or lifetime cost, [2] and is commonly referred to as "cradle to grave" or "womb to tomb" costs. Costs considered include the financial cost which is relatively simple to calculate and also the ...