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  2. Cost-of-production theory of value - Wikipedia

    en.wikipedia.org/wiki/Cost-of-production_theory...

    The cost can comprise any of the factors of production (including labor, capital, or land) and taxation. The theory makes the most sense under assumptions of constant returns to scale and the existence of just one non-produced factor of production. With these assumptions, minimal price theorem, a dual version of the so-called non-substitution ...

  3. Managerial economics - Wikipedia

    en.wikipedia.org/wiki/Managerial_economics

    Production analysis. The input of production factors, the choice of the form of production organisation and the determination of the product structure can all be analysed and decided by creating mathematical models. Cost decision. Cost is a factor that directly affects profit, and is one of the most important concerns for enterprise development.

  4. Production (economics) - Wikipedia

    en.wikipedia.org/wiki/Production_(economics)

    The production function is a graphical or mathematical expression showing the relationship between the inputs used in production and the output achieved. Both graphical and mathematical expressions are presented and demonstrated. The production function is a simple description of the mechanism of income generation in production process.

  5. Economies of scale - Wikipedia

    en.wikipedia.org/wiki/Economies_of_scale

    Overall costs of capital projects are known to be subject to economies of scale. A crude estimate is that if the capital cost for a given sized piece of equipment is known, changing the size will change the capital cost by the 0.6 power of the capacity ratio (the point six to the power rule). [16] [d]

  6. Prices of production - Wikipedia

    en.wikipedia.org/wiki/Prices_of_production

    the private or enterprise production price which forms the starting-point of the analysis in the first chapter. This price equals the cost-price and normal profit on production capital invested which applies to the new output of a specific enterprise when this output is sold by the enterprise (the "individual production price" [31]). The rate ...

  7. Process costing - Wikipedia

    en.wikipedia.org/wiki/Process_costing

    Costs are assigned to products, usually in a large batch, which might include an entire month's production. Eventually, costs have to be allocated to individual units of product. It assigns average costs to each unit, and is the opposite extreme of Job costing which attempts to measure individual costs of production of each unit. Process ...

  8. Long run and short run - Wikipedia

    en.wikipedia.org/wiki/Long_run_and_short_run

    The more variable costs used to increase production (and hence more total costs since TC=FC+VC), the more output generated. Marginal costs are the cost of producing one more unit of output. It is an increasing function due to the law of diminishing returns , which explains that is it more costly (in terms of labour and equipment) to produce ...

  9. Economies of scope - Wikipedia

    en.wikipedia.org/wiki/Economies_of_scope

    The ideas from one project can help another project (positive spillovers). [ 12 ] [ 13 ] Strategic fit , also known as complementarity that yields economies of scope, is the degree to which, or what kind of activities of different sections of an entrepreneur corporates with each other that complement themselves to achieve competitive advantage .