The Costs of Production
Über den Vortrag
Der Vortrag „The Costs of Production “ von James DeNicco ist Bestandteil des Kurses „Principles of Microeconomics (EN)“. Der Vortrag ist dabei in folgende Kapitel unterteilt:
- A Closer Look at Revenue, Cost and Profit
- Economic versus Accounting Profit
- Fixed and Variable Costs
- The U-Shape of the ATC
- Cost Curves for a Typical Firm
- Recap
Quiz zum Vortrag
Accounts calculate profit as revenue minus ________________, while Economists calculate profit as revenue minus ________________.
- explicit costs ; opportunity costs
- implicit costs ; opportunity costs
- explicit costs ; implicit costs
- opportunity costs ; explicit costs
If a production function displays diminishing marginal returns, then as workers are hired the quantity produced ________________ at a ________________ rate.
- increases ; decreasing
- decreases ; increasing
- increases ; increasing
- decreases ; decreasing
A firm is producing 1,000 units at a total cost of $10,000. If it were to increase production to 1,001 units, its total cost would rise to $10,015. What does this information tell you about the firm at the present time?
- Marginal cost is $15 & average total cost is $10.
- Marginal cost is $10 & average total cost is $15.
- Marginal cost is $15 & average variable cost is $10.
- Marginal cost is $15 & average fixed cost is $10.
Why is the Average Total Cost curve U-shaped?
- At first AFC falls more quickly then AVC rises.
- At first AFC falls more quickly then AVC falls.
- At first AFC rises more quickly then AVC falls.
- At first AFC rises more quickly then AVC rises.
Dozent des Vortrages The Costs of Production
James DeNicco
Dr. DeNicco graduated from Drexel University in 2013. His primary field is Macroeconomics and his secondary field is Industrial Organization. His primary research interests are in Macroeconomics and applied Macroeconomics, especially the relationship between GDP growth and labor dynamics.
His focus is on jobless recovery, which explores the speed of recovery in unemployment rates post recession, controlling for GDP growth. He is currently an Assistant Professor at the University of Tampa, where he teaches both Macroeconomics and Microeconomics.
Dr. DeNicco also does work as a Research Associate for the Center for Labor Markets and Policy. In that role he has conducted extensive work with BLS and BEA data regarding estimation and forecasting techniques used by the Massachusetts Governor’s Office and the Rhode Island Department of Labor.
In addition, he collaborates on research identifying the determinants of successful transitions from high school to college and persistence in college, with the goal of identifying major transition barriers needing either program or policy intervention.
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