COST
We all know what is cost. But in economics cost means it is a total expenditure which include explicit cost and implicit cost.
Explicit cost-it is the actual money expenditure on inputs or payment made to outsiders for hiring their factor services. like wages paid, rent paid, payment of raw material.
isme actual money dia jaata hai
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Implicit cost-it is the estimated value of the inputs supplied by the owners including normal profit.(apne hi factors pe kharcha implicit cost hota hai) interest on own capital,rent for own land etc
isme koi money involve nhi hota
Total Fixed cost (TFC) or fixed cost
Fixed costs refers to those costs which do not vary directly with level of output (matlab output kitna bhi bad jaaye fixed cost same hi rahegi) iska diagram straight line banega
Total variable cost (TVC) or variable cost
Variable costs refers to those cost which vary directly with level of output (output badega to variable cost bhi badte rahega) iska shape 'S' ki tarah hota hai. really s ki tarah ni hota par exam mai yeh hi likhne.
Total cost
total expenditure TFC+TVC total cost hua
*TFC kabhi bhi 0 nahi hota
*TVC can be changed on short run but TFC cant be changed
Relation b/w tfc tvc and tc
*tfc hamese straight rehta hai
*tvc aur tc S shaped ke hote hai
*tvc aur tc pehle decreasing rate se increase hote hai phir constant hote hai phir increase hote hai increasing rate pe.
* 0 output pe tc tfc ke barabar hota hai aur tvc 0 hota hai
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Average fixed cost
it refers to the per unit fixed cost of production
Matlab total fixed cost jo ki hamesa same rehti hai usse output se divide kare.
Average fixed cost kabhi bhi 0 pe ni aata
Average variable cost
average variable cost refers to the per unit variable cost of production
Matlab total variable cost jo hamesa increase hota hai usse output se divide kar dia
Average variable cost U shaped ka hota hai
Average cost
Average fixed cost+ average variable cost =Average cost
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Marginal cost
Marginal cost is the additional to total cost when one more unit of output is produced
Total cost -tvc+tfc
uppar vaali value ko neeche se minus kar dia aa jayega marginal cost
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We all know what is cost. But in economics cost means it is a total expenditure which include explicit cost and implicit cost.
Explicit cost-it is the actual money expenditure on inputs or payment made to outsiders for hiring their factor services. like wages paid, rent paid, payment of raw material.
isme actual money dia jaata hai
-----------------------------------------------------------------------------------------------------------------
Implicit cost-it is the estimated value of the inputs supplied by the owners including normal profit.(apne hi factors pe kharcha implicit cost hota hai) interest on own capital,rent for own land etc
isme koi money involve nhi hota
Total Fixed cost (TFC) or fixed cost
Fixed costs refers to those costs which do not vary directly with level of output (matlab output kitna bhi bad jaaye fixed cost same hi rahegi) iska diagram straight line banega
Total variable cost (TVC) or variable cost
Variable costs refers to those cost which vary directly with level of output (output badega to variable cost bhi badte rahega) iska shape 'S' ki tarah hota hai. really s ki tarah ni hota par exam mai yeh hi likhne.
Total cost
total expenditure TFC+TVC total cost hua
*TFC kabhi bhi 0 nahi hota
*TVC can be changed on short run but TFC cant be changed
Relation b/w tfc tvc and tc
*tfc hamese straight rehta hai
*tvc aur tc S shaped ke hote hai
*tvc aur tc pehle decreasing rate se increase hote hai phir constant hote hai phir increase hote hai increasing rate pe.
* 0 output pe tc tfc ke barabar hota hai aur tvc 0 hota hai
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Average fixed cost
it refers to the per unit fixed cost of production
Matlab total fixed cost jo ki hamesa same rehti hai usse output se divide kare.
Average fixed cost kabhi bhi 0 pe ni aata
Average variable cost
average variable cost refers to the per unit variable cost of production
Matlab total variable cost jo hamesa increase hota hai usse output se divide kar dia
Average variable cost U shaped ka hota hai
Average cost
Average fixed cost+ average variable cost =Average cost
--------------------------------------------------------------------------------------------------------------
Marginal cost
Marginal cost is the additional to total cost when one more unit of output is produced
Total cost -tvc+tfc
uppar vaali value ko neeche se minus kar dia aa jayega marginal cost
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best hai pehle value likho phir diagram banao apne aap relationship ban jayega
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