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Describe Nature and Types of Cost Functions.

Course: master degree programs.

Cost Functions. One problem a managerial economist is faced with is that of choosing the type of equation or curve which fits the cost data best. Three types of functions linear, quadratic and cubic especially the first two... More

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Answer in managerial economics

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What are the common problems you encounter while attempting to derive empirical cost function from economic data?

Course: master degree programs.

The various problems, which need to be taken care off while determining the empirical cost functions based on the economic data, may be listed as follows: Appropriate pairing of the cost and output data is very necessar... More

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Answer in managerial economics

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Explain the econometric method of estimating cost function. Why is this method more popular than the other two methods (accounting and engineering) estimation costs?

Course: master degree programs.

This method is also referred to as statistical method. It has a wide use in estimating the cost functions. This method, undertakes the historical data of cost and output for estimating the cost-output relationship, with the help of regression analysi... More

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Answer in managerial economics

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Explain the determinants of Cost Function.

Course: master degree programs.

Cost function is the representation of the relationship between the cost and its determinants such, as the size of plant, level of output, input prices, technology, managerial efficiency, etc. The cost function of a firm may be expre... More

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Answer in managerial economics

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What care should be taken while collecting the data for the estimation of a production function?

Course: master degree programs.

The following points must be kept in mind during the collection of data for the estimation of a production function. In other words the following are the limitations that the manager needs to keep in mind while collecting data: The time-... More

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Answer in managerial economics

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Discuss the Managerial uses of Production Function.

Course: master degree programs.

There are many uses of the production function from the point of view of the managerial effectiveness. The production function refers to the relationship between the inputs and the output produced. Inputs are also represented as factors of production... More

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Answer in managerial economics

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List some Managerial uses of the Cost Function?

Course: master degree programs.

Irrespective of the above-mentioned limitations of the cost function they still benefit the managers in a couple of ways. The biggest problem faced by the manager economist is choose the best possible type of equation of curve that best describes the... More

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Answer in managerial economics

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Production is related with costs. In fact, cost function can be derived from estimated production function. In view of empirical determination of production functions, can you think of some limitations of statistical analysis relating to cost function?

Course: master degree programs.

It is a true fact that the cost factor is present where some kind of production is undertaken. As regards the determination of the production function and the process of determination of the empirical cost function attached with the same, the followi... More

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Answer in managerial economics

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Explain the findings of Johnston (Electricity) in the short and the long run?

Course: master degree programs.

The findings of Johnston in the short run suggest that in the short run the actual cost conditions over the normal range pf production are best depicted by a linear total variable cost function with constant marginal cost, This is further proved by t... More

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Answer in managerial economics

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How would you reconcile the findings of Yntema with those of Ezekiel and Wylie?

Course: master degree programs.

Based on the empirical estimates of cost functions keeping in mind the time series and cross section data analysis may be made on the behavior of the firms in the short run and in the long run. Both the companies, that is, Yntema and Ezekiel and. Wyl... More

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Courses list

Describe Nature and Types of Cost Functions.

What are the common problems you encounter while attempting to derive empirical cost function from economic data?

Explain the econometric method of estimating cost function. Why is this method more popular than the other two methods (accounting and engineering) estimation costs?

Explain the determinants of Cost Function.

What care should be taken while collecting the data for the estimation of a production function?

Discuss the Managerial uses of Production Function.

List some Managerial uses of the Cost Function?

Production is related with costs. In fact, cost function can be derived from estimated production function. In view of empirical determination of production functions, can you think of some limitations of statistical analysis relating to cost function?

Explain the findings of Johnston (Electricity) in the short and the long run?

How would you reconcile the findings of Yntema with those of Ezekiel and Wylie?

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