Behind the Supply Curve: Input and costs - the Produciton function - From the production function to the cost curves
4 important questions on Behind the Supply Curve: Input and costs - the Produciton function - From the production function to the cost curves
Why do firms have to translate this knowledge into information about the relationship between the quantity of output and cost?
Translate all the inputs to costs? And what are the uses?
- The fixed cost FC or Overhead cost a cost that does not depend on the quantity of output produced (in the short run).
- the variable cost VC a cost that depends on the quantity of output produced.
What does the number of workers depend of holding fixed costs? And why are they variable?
- It depends on the the mount of wheat they want to produce
- it is variable because in order to produce more they have to employ more inputs
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Why does the total cost curve slope upward? Is the total cost curve steeper or flatter and why? What happens to the slope of the total cost curve as the amount produced increases?
- Because of the variable cost, the more output produced the higher the total cost.
- the total cost curve becomes steeper as they higher more workers
- the slope of the total cost curve increases as the amount produced increases
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