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In accounting and economics, a semi-variable cost (also referred to as semi-fixed cost) is an expense which contains both a fixed-cost component and a variable-cost component. [1] It is often used to project financial performance at different scales of production.
An automobile engine is an example of an intermediate good, and is used in the production of the final good, the assembled automobile.. Intermediate goods, producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods including final goods. [1]
Along with variable costs, fixed costs make up one of the two components of total cost: total cost is equal to fixed costs plus variable costs. In accounting and economics, fixed costs, also known as indirect costs or overhead costs, are business expenses that are not dependent on the level of goods or services produced by the business. They ...
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Microeconomics is closely related to Managerial economics through areas such as; consumer demand and supply, opportunity cost, revenue creation and cost minimization. [5] Managerial economics inculcates the application of microeconomics application and makes use of economic theories and methods in analyzing a business and its management.
Quizlet was founded in October 2005 by Andrew Sutherland, who at the time was a 15-year old student, [2] and released to the public in January 2007. [3] Quizlet's primary products include digital flash cards , matching games , practice electronic assessments , and live quizzes.
When some costs are sunk and some are not sunk, total fixed costs (TFC) equal sunk fixed costs (SFC) plus non-sunk fixed costs (NSFC) or TFC = SFC + NSFC. When some fixed costs are non-sunk, the shutdown rule must be modified. To illustrate the new rule it is necessary to define a new cost curve, the average non-sunk cost curve, or ANSC.
In economics, average fixed cost (AFC) is the fixed costs of production (FC) divided by the quantity (Q) of output produced. Fixed costs are those costs that must be incurred in fixed quantity regardless of the level of output produced. =. Average fixed cost is the fixed cost per unit of output.