Sign In
Not register? Register Now!
Essay Available:
Pages:
2 pages/≈550 words
Sources:
2 Sources
Level:
APA
Subject:
Mathematics & Economics
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 10.37
Topic:

Production and Cost Minimizing Output Writing Assignment (Research Paper Sample)

Instructions:


Before answering the following questions, review the Assignment Checklist. Then, in a separate Word document, write a 1–2 page expository research paper answer the following questions based on the rule for minimizing costs of production in regard to a small business plan to minimize costs in order to increase productivity and maximize profits:

source..
Content:


Production and Cost Minimizing Output
Name
Institutional Affiliation
Date
Question 1
a. This is an explicit cost as the firm pays another organization for the use of the manufacturing equipment. It is a reported input cost of production. Moreover, payments made is evidence of cash outlay as a charge for the factors of production usage CITATION Gre14 \l 1033 (Mankiw, 2014).
b. It is an implicit cost as it implies the economic opportunity cost by the firm if it would rent out its premises for cash or profit instead of using it for personal use. Conversely, this cost is not incurred by the firm. Hence, no cash exchanges take place.
c. Wages are expenses incurred as part of the factors of production of a firm. The organization gives out cash in terms of wages to pay its workers CITATION Gre14 \l 1033 (Mankiw, 2014).
d. An implicit cost as it states the forgone cost of the owner if he/she worked somewhere else.
Pat should minimize implicit costs. These costs in

...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Employment and wages Mathematics & Economics Research Paper
    Description: The articles Why American unemployment is so low, Employment down, productivity up, and Britain’s unemployment is ultra-low, but its wages are ultra-measly present different views that are united by a single factor which is unemployment. In the article Why American unemployment is so low...
    4 pages/≈1100 words | 3 Sources | APA | Mathematics & Economics | Research Paper |
  • The Source of Trade Imbalances
    Description: Neil Irwin makes interesting points regarding trade deficit. Irwin attempts to demystify the ever-growing $500 billion annual trade deficit that the US runs into annually. Irwin defines trade deficit a situation in which the value of a country’s imports exceed that of its exports....
    1 page/≈275 words | 1 Source | APA | Mathematics & Economics | Research Paper |
  • Tesla and Rolls Royce. Growth. Economics Research Paper
    Description: The automobile industry has undergone numerous changes in the past century. The world has welcomed carriages to self-driving cars and these developments do not seem to be slowing down any time soon....
    4 pages/≈1100 words | 4 Sources | APA | Mathematics & Economics | Research Paper |
Need a Plagiarism Free Essay?
Submit your instructions!