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The subsequent preference for minimizing distance and its cost underlies a vast array of geographic patterns from economic agglomeration to wildlife migration, as well as many of the theories and techniques of spatial analysis, such as Tobler's first law of geography, network routing, and cost distance analysis. To a large degree, friction of ...
Advanced Placement (AP) Human Geography (also known as AP Human Geo, AP Geography, APHG, AP HuGe, AP HuG, AP Human, HuGS, AP HuGo, or HGAP) is an Advanced Placement social studies course in human geography for high school, usually freshmen students in the US, culminating in an exam administered by the College Board. [1]
Direct materials cost the cost of direct materials which can be easily identified with the unit of production. For example, the cost of glass is a direct materials cost in light bulb manufacturing. [1] The manufacture of products or goods requires material as the prime element. In general, these materials are divided into two categories.
Long-run average cost is the unit cost of producing a certain output when all inputs, even physical capital, are variable.The behavioral assumption is that the firm will choose that combination of inputs that produce the desired quantity at the lowest possible cost.
Let us assume that the standard direct material cost of widget is as follows: 2 kg of unobtainium at € 60 per kg ( = € 120 per unit). Let us assume further that during the given period, 100 widgets were manufactured, using 212 kg of unobtainium which cost € 13,144. Under those assumptions direct material price variance can be calculated as:
The marginal cost can also be calculated by finding the derivative of total cost or variable cost. Either of these derivatives work because the total cost includes variable cost and fixed cost, but fixed cost is a constant with a derivative of 0. The total cost of producing a specific level of output is the cost of all the factors of production.
Indirect materials cost: Indirect materials cost is the cost associated with consumables, such as lubricants, grease, and water, that are not used as raw materials. Other indirect manufacturing cost: includes machine depreciation, land rent, property insurance, electricity, freight and transportation, or any expenses that keep the factory ...
A supply schedule is a table which shows how much one or more firms will be willing to supply at particular prices under the existing circumstances. [1] Some of the more important factors affecting supply are the good's own price, the prices of related goods, production costs, technology, the production function, and expectations of sellers.