Bookmarks by Chad Folkersma

Productivity and Cost

cfolkersma — 2014-10-23 18:06:33 UTC

Measures of Cost

cfolkersma — 2014-10-23 18:06:50 UTC

Practical Application

cfolkersma — 2014-10-23 18:07:15 UTC

Measures of Revenue

cfolkersma — 2014-10-23 18:07:23 UTC

Marginal Analysis

cfolkersma — 2014-10-23 18:07:32 UTC

2014-10-23 18:25:03 UTC

A type of decision making that compare the extra benefits to the extra costs of an action

2014-10-23 18:25:05 UTC

Different grades of coal, wood, steel, and glads have different productivites.

2014-10-23 18:26:02 UTC

Businesses that use raw materials in manufacturing must defide which grade best suits their needs.

2014-10-23 18:26:20 UTC

The profit-maximizing quantity of output is reached when marginal cost and marginal revenue are equal

2014-10-23 18:26:24 UTC

fixed cost and variable cost input influences efficient production decisions, the businesses have to analyze their costs before making their decisions, that cost is divided into categories. fixed cost+variable cost = total cost

marginal costs- is the extra cost applied when a business has an additional unit of a product

2014-10-23 18:27:00 UTC

Because efficiency is related to both cost and productivity, it is important that care be taken in selecting the proper materials.

2014-10-23 18:27:03 UTC

Break even analysis examines how many workers are needed to turn a positive profit

2014-10-23 18:28:04 UTC

The combination or mix of imputs affect supply

2014-10-23 18:28:26 UTC

Businesses use two key measures of revenue to decide what amount of output will produce the greatest profits.

2014-10-23 18:30:02 UTC

Definition: using the right tool for the right job.

2014-10-23 18:31:01 UTC

Ex) a gas station with enough people to work each pump

2014-10-23 18:31:19 UTC

Marginal revenue is the extra revenue associated with the production and sale of one additional unit of output. It is the most useful measure of revenue both for businesses and economists

Role of Cost

cfolkersma — 2014-10-23 18:31:20 UTC

2014-10-23 18:31:37 UTC

total cost takes in all the costs

in business faces in the course of its operations.

2014-10-23 18:32:44 UTC

Variable costs are likely to be quite small.

2014-10-23 18:33:45 UTC

Somewhat the same thing as the three stages of production

2014-10-23 18:37:33 UTC

More like stage two

Steve Sams :)

2014-10-23 18:47:36 UTC

Deana you're looking fine today