Unreferenced date September 2009 Socialcost in economics may be distinguished from cost Comparing private, external, social, and psychic costs private cost . ref J. de V. Graaff, 1987. socialcost, The New ... for an explanation. Theory The ideas of socialcost, externalities , and market failure are often used ... external costs lead to an over production of those goods that have a high socialcost. For example ... from C , D to B , A . Because the marginal socialcost curve MSC is above the marginal private cost curve MPC , this diagram illustrates the case of a negative externality. If the marginal socialcost curve was below the marginal private cost curve, it would be a positive externality and social ... economics List of economics topics Category Costs ca Costsocial de Soziale Grenzkosten et ... results?q social cost&field heading&edition archive&topicid Abstract . br Alan V. Deardorff . http www personal.umich.edu alandear glossary s.html SocialCost Socialcost, and http www personal.umich.edu alandear glossary p.html PrivateCost Private cost, Glossary of International Economics ... and the water that are ingredients to the lemonade, the opportunity cost of the labour to combine them ... externality , then social costs will be lesser than private costs. Environmental pollution is an not example of a socialcost that is seldom borne completely by the polluter, thereby creating a positive externality. If there is a negative externality, then one will have higher social ... would be if its cost had a true accounting. This can be illustrated with a diagram. Profit maximizing ... of social optimality requires that the full social costs must be considered. The socially optimum level of output is Q sub s sub where marginal social costs MSC is equal to marginal revenue MR ... of social costs, i.e. that share of the total costs of production that is not born by producers ... his argument that social costs are systemic, i.e. rooted in profit maximizing behavior of businesses ... more details
The Problem of SocialCost 1960 by Ronald Coase is an article dealing with economic problem of externalities . It draws from a number of English legal cases and statutes to illustrate Coase s belief that legal rules are only justified by reference to a cost benefit analysis, and that nuisances that are often regarded as being the fault of one party are more symmetric conflicts between the interests of the two parties. If there were no such things as the costs of doing a transaction, legal rules would be irrelevant to the maximization of production. Because in the real world there are costs of bargaining and information gathering, legal rules are justified to the extent of their ability to allocate rights to the most efficient right bearer. Along with an earlier article, The Nature of the Firm , this was cited as being a reason for Coase s award of the Nobel Memorial Prize in Economic Sciences in 1991. Summary Coase argued that if we lived in a world without transaction costs, people would bargain with one another to produce the most efficient distribution of resources, regardless of the initial allocation. This is superior to allocation through litigation Harv Coase 1960 . Coase used the example of a nuisance case named Sturges v Bridgman , where a noisy sweetmaker and a quiet doctor were neighbours and went to court to see who should have to move. ref Sturges v Bridgman 1879 11 Ch D 852 ref Coase said that regardless of whether the judge ruled that the sweetmaker had to stop using his machinery, or that the doctor had to put up with it, they could strike a mutually beneficial ... of the firm Notes reflist 2 References RH Coase , The Problem of SocialCost 1960 http www.sfu.ca ... Problem of SocialCost Category 1960 works Category Economics papers Category Law and economics Category Works originally published in the Journal of Law and Economics es El problema del costo social ... The Cost of Accidents 1970 ref The Cost of Accidents 1970 , 135 403 ref argues that it is still efficient ... more details
otheruses Infobox Album See Wikipedia WikiProject Albums Name The Cost Type Album Artist The Frames Cover Theframes thecost.jpg Released September 22, 2006 Ireland br February 20, 2007 International Recorded March 2006 Genre Rock music Rock Length Label Plateau Records Ireland br ANTI International Producer Last album Burn the Maps br 2004 This album The Cost br 2006 Next album Album ratings rev1 Pitchfork Media rev1Score 5.2 10 http www.pitchforkmedia.com article record review 41556 the cost link rev2 The New York Times rev2Score Rating 7 10 http www.nytimes.com 2007 02 26 arts music 26choi.html? r 1&ref music&pagewanted all&oref slogin link rev3 Allmusic rev3Score Rating 4.5 5 Allmusic class album id r937395 pure url yes link rev4 Slant Magazine rev4Score Rating 4 5 http www.slantmagazine.com music music review.asp?ID 1060 link rev5 The A.V. Club rev5Score B http www.avclub.com content node 59104 link rev6 LAS Magazine Lost At Sea rev6Score Rating 4.5 5 http www.lostatsea.net review.phtml?id 792564389462df5573849d link rev7 The Boston Globe rev7Score Rating 8 10 http www.boston.com ae music cd reviews articles 2007 03 06 rock pure and simple link rev8 Now magazine Now rev8Score Rating 4 5 http www.nowtoronto.com issues 2007 02 15 music discs2.php link rev9 PopMatters rev9Score Rating 7 10 http www.popmatters.com pm review 31564 the frames the cost link rev10 Filter magazine Filter rev10Score Rating 7.5 10 The Cost is the sixth studio album by The Frames , released in Ireland on Plateau Records on September 22, 2006. The album was released worldwide on ANTI on February 20, 2007 ... their more recent album Burn the Maps . The Frames line up for The Cost features Glen Hansard on guitar ... G. Hansard The Frames Sad Songs G. Hansard The Frames The Cost C. Ward G. Hansard The Frames True G ... www.theframes.ie The Frames DEFAULTSORT Cost, The Category 2006 albums Category The Frames albums 2000s indie rock album stub cs The Cost ... more details
Other uses The Cost of Living disambiguation Globalize USA date August 2010 Cost of living is the cost of maintaining a certain standard of living . Changes in the cost of living over time are often operationalized in a cost of living index . Cost of living calculations are also used to compare the cost ... in cost of living can be measured in terms of purchasing power parity rates. Cost of living adjustment COLA Employment contracts, pension benefits, and government entitlements such as Social Security United States Social Security can be tied to a cost of living index, typically to the Consumer Price Index CPI . A Cost of Living Allowance COLA adjusts salaries based on changes in a cost of living index. Salaries are typically adjusted annually. They may also be tied to a cost of living index that varies ... index. These negotiated increases in pay are colloquially referred to as cost of living adjustments or cost of living increases because of their similarity to increases tied to externally determined ... future cost of living increases to be misleading for two reasons 1 For most recent periods ... cost of living indexes Citation needed date April 2010 , reflecting the influence of rising productivity , efficiency wages , and worker bargaining power rather than simply living costs, and 2 most cost .... citation needed date November 2011 Cost of living allowance is equal to the nominal interest minus the real interest rate. CPI is not a COLA When cost of living adjustments, negotiated wage settlements ... include Social Security United States Social Security Civil Service Retirement System CSRS ref ... 200 Canadian Auto Workers union CAW Local 200 Ontario Other uses of the term cost of living allowance ... cost of living adjustments or cost of living allowances . Such adjustments are intended to offset changes in welfare due to geographic differences in the cost of living. Such adjustments might more ... receive a base salary adjustment to reflect local market conditions. A cost of living allowance is frequently ... more details
see that an increased cost of production on society creates a socialcost curve that depicts a greater ... see that such production creates a socialcost curve that is less than that of the private curve. In an equilibrium .... Social costs This section is linked from MPC main Socialcost Of great importance in the theory of marginal cost is the distinction between the marginal private and social costs. The marginal private ... and consumption choices. Marginal socialcost is similar to private cost in that it includes ... to buy, buyers take account of the cost to society of their actions if private and social marginal cost coincide. The equality of price with social marginal cost, by aligning the interest of the buyer ...File Costcurve Marginal Cost 2.svg thumb 250px right A typical marginal cost curve with marginal revenue overlaid In economics and finance , marginal cost is the change in total cost that arises when the quantity produced changes by one unit. That is, it is the cost of producing one more unit of a good ... is infinitely divisible, so the size of a marginal cost will change with volume, as a non linear and non proportional cost function includes the following variable terms dependent to volume, constant terms independent to volume and occurring with the respective lot size, jump fix cost increase or decrease dependent to steps of volume increase. In practice the above definition of marginal cost as the change in total cost as a result of an increase in output of one unit is inconsistent with the calculation of marginal cost as MC dTC dQ for virtually all non linear functions. This is as the definition MC dTC dQ finds the tangent to the total cost curve at the point q which assumes that costs increase at the same rate as they were at q. A new definition may be useful for marginal unit cost MUC using the current definition of the change in total cost as a result of an increase of one unit of output defined as TC q 1 TC q and re defining marginal cost to be the change in total as a result ... more details
The Cost is the sixth studio album by The Frames. The Cost may also refer to The Cost band , an American punk rock group The Cost The Wire episode The Cost The Wire episode , a 2002 television episode See also Cost disambig ... more details
Economics sidebar Opportunity cost is the cost of any activity measured in terms of the value of the next ... web work Investopedia title Opportunity Cost url http www.investopedia.com terms o opportunitycost.asp accessdate 2010 09 18 ref The opportunity cost is also the cost of the forgone products after making a choice. Opportunity cost is a key concept in economics , and has been described as expressing ... cost encyclopedia The New Palgrave Dictionary of Economics Online author James M. Buchanan ... cost plays a crucial part in ensuring that scarce resources are used efficiently. ref cite web ... Cost work Economics A Z publisher The Economist accessdate 2010 09 18 ref Thus, opportunity costs are not restricted to monetary or financial costs the Real versus nominal value economics real cost ... translator url http mises.org books Social Economics Wieser.pdf title Social Economics location ... of Social Economics postscript . Original publication. ref However, in 1848 Fr d ric Bastiat described ... Is Not Seen Opportunity costs in consumption Opportunity cost is assessed in not only monetary or material ... cost of watching Dallas could be not enjoying the other program such as Dynasty . If an individual records one program while watching the other, the opportunity cost will be the time that the individual spends watching one program versus the other. In a restaurant situation, the opportunity cost of eating steak could be trying the salmon. The opportunity cost of ordering both meals could be twofold ... time to visit Disneyland rather than doing household improvements. The opportunity cost of having ... cost is also applicable. This has been demonstrated in the legislation that required the carcinogenic ... to install equipment at a cost of hundreds of millions of dollars and pass the cost to the consumer ... criticized on the grounds of opportunity cost the hundreds of millions of dollars spent on process ... isbn 978 0 471 44385 8 ref These actions or strictly, the best one of them are the opportunity cost ... more details
Cost center may also refer to Cost Sports Center , the indoor athletic facility often referred to by the same name Cost centre business , the part of an organization that does not produce direct profit and adds to the cost of running a company disambig de Cost Center ... more details
primarysources date June 2007 No cost campaign is a term coined initially by a Stanford student. It refers to a political campaign in which the candidates run without funding. Based on a foundation and the principles of Web 2.0 networking, the original essay analyzes the potential of social networking site Digg Digg.com . Because Web 2.0 follows the democratic principle of being powered by the masses, it is a well suited medium for political campaigning, and could save hundreds of millions of dollars in campaign money. External links http nocostcampaign.blogspot.com Original essay in blog format Category Political campaigns poli term stub ... more details
Cost of Conflict is a tool which attempts to calculate the price of conflict to the human race. The idea is to examine this cost, not only in terms of the deaths and casualties and the economic costs borne by the people involved, but also the social, developmental, environmental and strategic costs of conflict ... in conflict. One of the earliest studies assessing the true cost of conflict on a variety of parameters ... Cranna, Michael 1994 . The True Cost of Conflict. Earthscan Publication ref Strategic Foresight Group ... on global security. In today s world the cost of conflict tool and analysis can also be used ... the study of conflict is not new, the use of Cost of Conflict as a comprehensive tool is relatively ... a bearing on living conditions. Methodology The cost of conflict methodology takes into account different costs a conflict generates, including economic, military, Natural environment environmental , social ... of the tool of measuring the cost of conflict. With the use of such a tool and methodology, the question arises as to why researchers, intellectuals, and organizations might look at the cost of conflict ... for them to understand and unravel the incentive structure of conflict and rid themselves of cost. Thus the use of cost of conflict as a new and evolving tool to mobilize public opinion, broaden ..., and there are limitations to assessing the total cost of any conflict. Conflict is not the only cause ... of Africa, economics proved to be a major cause of conflict. What the cost of conflict tool serves ... year or episode in history as a benchmark for calculations. For example the Cost of Conflict ... Cost of Conflict Reports The True Cost of Conflict The True Cost of Conflict is a compilation ... Group s Cost of Conflict Reports Strategic Foresight Group offers three reports &mdash published in 2009 Middle East , 2006 Sri Lanka , and 2004 India Pakistan &mdash on the cost of conflicts in Asia ... also includes potential future scenarios for conflict and their consequences. Cost of Conflict ... more details
The cost of operation is the business strategy implemented in many companies to gain a huge market. Cost of operation is the cost acquired in completing one operation. It may be a conversion of inputs into the outputs or labor costs etc. If the cost of operation is low then it is easy to maintain cost leadership and gain the market with competitive advantage . business stub Category Strategic management ... more details
Transactions in his seminal work, The Problem of SocialCost 1960 . The term Transaction Costs itself ...In economics and related disciplines, a transaction cost is a cost incurred in making an economic exchange restated the cost of participating in a market . ref http fixglobal.com content buy side firms ... broker broker that commission is a transaction cost of doing the stock deal. Or consider ... products you prefer, where to get them and at what price, the cost of traveling from your house to the store ... the cost of the spatula are the transaction costs. When rationally evaluating a potential transaction ... of transaction cost have come to be known by particular names ref cite journal last Dahlman first ... and enforcement costs. ref Search cost Search and information costs are costs such as those incurred ... cost is some function of the distance between the bid and ask . Policing and enforcement costs are the costs ... 657, 1931 The term transaction cost is frequently thought to have been coined by Ronald Coase , who ... Glantz , Optimal Trading Strategies , AMACOM, 2003, pp. 1 23. ref Arguably, transaction cost reasoning became most widely known through Oliver E. Williamson s Transaction Cost Economics . Today, transaction cost economics is used to explain a number of different behaviours. Often this involves ... cost are commonly used in literature. Transaction costs have been broadly defined by Steven N. S. Cheung ... problem, with cost overruns occurring quite often. Technologies like Enterprise Resource Planning ... Cost Economics TCE differs from neoclassical microeconomics in the following six points Behavioral assumptions ... rights are clearly defined and the cost of enforcing those rights by the mean of courts is negligible ... neoclassical theory recognizes profit maximization or Cost minimization analysis cost minimization ... economics Herbert Simon Switching costs Theory of the firm Theory of the firm Transaction cost theory Transaction cost theory Oliver E. Williamson Market maker References Cite document last Cheung ... more details
Copy edit date March 2012 Orphan date March 2012 Customer cost refers not only to the price of a product ... mainly consist of the cost of searching for a product, gathering information about it and obtaining ... and disposing of the product. Total consumer cost in contrast to price The term price usually refers ..., price is only one part of total cost of a product. The consumer has the additional costs ... customer cost TCC . In contrast to price, which is a producer oriented concept, TCC focuses on the consumer ... The Johns Hopkins University Press, p. 93 ref Price is of special importance in the cost assessment ... Marketing Practice, Sheffield Greenleaf Publishing, p. 230 ref Cost assessment differs between ... customer cost Purchase costs Purchase costs include the cost of searching for a product, gathering ... Transaction cost approach created by Coase, R.H. 1937 The nature of the firm , Economica, 4 16 386 ... in adoption or use social risks fear of reaction of social network to the product psychological ... . Credence qualities can t be fully evaluated by the consumer e.g. social conditions of production ... marketing should consider the total customer cost for the entire consumption process, which ... the total customer cost and to make customers aware of it. Reducing total customer cost Price In economics ... employed value based pricing, cost based pricing and rent lease pricing. Value Based Pricing File ... of the underlying cost structure. Application of price premium for sustainable products and the amount ... of reference pricing in the product category Cost Based Pricing File Figure Cost Based Pricing.jpg thumb Cost Based Pricing Cost based pricing strategy is based on seller s cost. It is product and production ..., 10th edn, Upper Saddle River, NJ Prentice Hall, p.359 60. ref This is typical for low cost strategies ... because they meet certain social criteria. However, offering low prices to customers raises the question of the internalization of ecological and social costs. This means that sustainable ... more details
Manufacturing cost is the sum of costs of all resources consumed in the process of making a product. The manufacturing cost is classified into three categories direct materials cost , direct labor cost and manufacturing overhead. ref Ostwald, P. F., McLaren, T. S. 2004 , Cost Analysis and Estimating for Engineering and Management , Prentice Hall, ISBN 9780131421271 ref Direct materials cost Direct materials are the raw material s that become a part of the finished product. Manufacturing adds value to raw materials by applying a chain of operations to maintain a deliverable product. There are many operations that can be applied to raw materials such as welding , cutting and painting . It is important to differentiate between the direct materials and indirect materials. Direct labor cost The direct labor cost is the cost of workers who can be easily identified with the unit of production. Types of labor who are considered to be part of the direct labor cost are the assembly workers on an assembly line . Manufacturing overhead Manufacturing overhead is any manufacturing cost that is neither direct materials cost nor direct labor cost. Manufacturing overhead includes all charges that provide support to manufacturing. Manufacturing overhead includes Indirect labor cost The indirect labor cost is the cost associated with workers, such as supervisors and material handling team, who are not directly involved in the production. Indirect materials cost Indirect materials cost is the cost of associated with consumables, such as lubricants, Grease lubricant grease , and water , that are not used as raw materials. Other indirect manufacturing cost Other indirect manufacturing costs include machine depreciation, land rent , property insurance , electricity or any expenses that keep the factory operating. References Reflist Additional reading Lanen, W. N., Anderson, S., Maher, M. W. 2008 . Fundamentals of cost accounting , MaGraw Hill, ISBN 9780073526720 DEFAULTSORT Manufacturing Cost ... more details
unreferenced date July 2008 The economic cost of a decision depends on both the cost of the alternative chosen and the benefit that the best alternative would have provided if chosen. Economic cost differs from Historical cost accounting cost because it includes opportunity cost . As an example, consider the economic cost of attending college. The accounting cost of attending college includes tuition, room and board, books, food, and other incidental expenditures while there. The opportunity cost of college also includes the salary or wage that otherwise could be earning during the period. So for the two to four years an individual spends in school, the opportunity cost includes the money that one could have been making at the best possible job. The economic cost of college is the accounting cost plus the opportunity cost. Thus, if attending college has a direct cost of 20,000 dollars a year ..., then the total economic cost of going to college would be 180,000 dollars 20,000 x 4 years the interest of 20,000 for 4 years 25,000 x 4 years . Components of Economic Costs Total cost TC Total Cost equal fixed cost plus variable costs. TC FC VC. Variable cost VC Variable costs are the costs paid .... Total variable cost TVC or VC total variable costs is the same as variable costs. Fixed cost ... cost TFC or FC Average cost AC average cost are total costs divided by output. AC FC q VC q Average fixed cost AFC fixed costs divided by output. AFC FC q. The average fixed cost function continuously declines as production increases. Average variable cost AVC variable costs divided by output. AVC VC q. The average variable cost curve is typically U shaped. It lies below the average cost curve and generally has the same shape the vertical distance between the average cost curve and average variable cost curve equals average fixed costs. The curve normally starts to the right of the y axis because with zero production Marginal cost MC Cost curve s Category Microeconomics Category Costs pt ... more details
Unreferenced date June 2008 Cleanup date December 2011 In retail systems, the cost price represents the specific value that represents unit price purchased. This value is used as a key factor in determining Profit accounting profitability and in some stock market theories it is used in establishing the value of stock holding . Forms Cost prices appear in several forms , such as Actual Cost, Last Cost, Average Cost and Net realizable value. Cost Price cost price is also known as c p it is the original price of any item who bought it Cost price is used in establishing profitability in the following ways Selling price Excl. Tax less cost results in the profit accounting profit in money terms . Profit selling price Excl. Tax when expressesd as a percentage produces Gross Profit or GP Expense Net Sales yields a percentage which when used as the target margin will produce gross profit . Actual Cost Actual Cost or Landed Cost In this calculation all expenses in acquiring an item are added to the cost of items to establish what the goods actually cost. Additions usually include freight, duty etc.. Cost This is the actual Value economics value of the item when last purchased . Normally expressed in units. Average Cost When new stock is combined with old stock , the new price often overstates the value of stock holding. The better method is to combine the total value of investment in stock, old and new and divide by the total number of units to calculate the average cost. This is a very accurate method of establishing stock holding . Moving Average Cost Moving average cost. MAC A slight permutation on the above, with the average being calculated from the previous average and new price. Net Realizable Value Normally indicates the average value of an item in the marketplace . Often this cost is interchangeable with replacement cost . Category Financial terminology pt pre o de custo nl Kostprijs ... more details
Unreferenced stub auto yes date December 2009 Orphan date February 2009 In accounting , an extended cost is the unit cost multiplied by the number of those items that were purchased. For example, four apples purchased at a unit cost of 1 have an extended cost of 4 1 x 4 apples . DEFAULTSORT Extended Cost Category Management accounting Accounting stub ... more details
Unreferenced date December 2009 In business , a cost analyst is a person who analyzes a company s cost s, or the use of available resources, and reports such analysis to management for decision making and control. Tasks Due to a more competitive environment and increasing expenses, companies look to analyze their costs in order to improve their operations and efficiency. Cost analysts may determine certain information useful for such purposes, including Cost benefit analysis Cost for each production unit Methods for allocating complex processes to units to create exact unit costs Matching costs to customers to evaluate customer profitability Process improvement methods Performance evaluation Strategic and Tactical planning for new products or services Additionally, cost analysts may determine the opportunity cost s of a specific decision by management. Industry requirements The cost analysts require a strong background in cost accounting methods, may gain certification as a Certified Management Accountant CMA by taking and passing a seris of exams from the Institute of Management Accountants IMA . DEFAULTSORT Cost Analyst Category Financial analysts Finance stub ... more details
no footnotes date November 2011 Wikify date October 2011 Cost reduction is the process used by companies to reduce their cost s and increase their Profit economics profits . Depending on a company s Service economics services or Product business Product , the strategies can vary. However, it is important to remember that every decision in the product development process affects cost . Companies typically launch a new product without focusing too much on cost. Cost becomes more important when competition increases and price becomes a differentiator in the market. Main cost reduction strategies Supplier consolidation br Component consolidation br Re source to low cost countries br Request for quotation Request For Quotations RFQ br Supplier cost breakdown analysis br Function analysis Value analysis Value engineering br Design For Manufacture Design For Assembly br Reverse costing br Cost driver analysis br Should cost br Product benchmarking br Design to cost br Design workshops with suppliers br Competitor benchmarking Tools for cost reduction http www.aheadconsulting.com Tutorials and cost reduction analysis tools br http www.mtisystems.com Should Cost Estimating.html Should cost estimating br http www.itbid.org en eSourcing system References Barrett R. Crane, http hdl.handle.net 1721.1 11020 Cycle time & cost reduction in a low volume manufacturing environment , MIT DSpace br Apichart Jearasatit, http hdl.handle.net 1721.1 60836 Using a total landed cost model to foster global logistics strategy in the electronics industry , MIT DSpace br Bryan K. Parks, http hdl.handle.net 1721.1 12092 Cost and lead time reduction in the manufacture of injection molding tools , MIT DSpace Category Costs ... more details
Cleanup date May 2007 A cost driver is the unit of an activity that causes the change of an activity cost. The Activity Based Costing ABC approach relates indirect cost to the activities that drive them to be incurred. In traditional costing the cost driver to allocate indirect cost to cost objects was volume of output. With the change in business structures, technology and thereby cost structures it was found that the volume of output was not the only cost driver. Some examples of indirect costs and their drivers are indirect costs for maintenance, with the possible driver of this cost being the number of machine hours or, the indirect cost of handling raw material cost, which may be driven ... of inspection or production runs. Generally, the cost driver for short term indirect variable costs may be the volume of output activity but for long term indirect variable costs, the cost drivers will not be related to volume of output activity. John Shank and Vijay Govindarajan list cost drivers into two categories Structural cost drivers that are derived from the business strategic ..., use of technology, etc., and Executional cost drivers that are derived from the execution .... To carry out a value chain analysis, ABC is a necessary tool. To carry out ABC, it is necessary that cost drivers are established for different cost pools. Cost drivers are the structural determinants of the cost of an activity, reflecting any linkages or interrelationships that affect it M. Porter , therefore we could assume that the cost drivers determine the cost behavior within the activities ... Strategic Cost Management The New Tool for Competitive Advantage by Shank and Govindarajan Cost Accounting a managerial emphasis 12a Edi o 2005 by Charles T. Horngren, George Foster e Srikant M. Datar Competitive Advantage , by Michael Porter. See also Activity based costing Fixed cost Variable cost Value chain Category Management accounting Category Costs Category Production economics de ... more details
In economics , average cost or unit cost is equal to total cost divided by the number of goods produced ... and demand . math AC frac TC Q math Short run average cost Average cost is distinct from the price ... of perfect competition , price may be lower than average cost due to marginal cost pricing . Short run average cost will vary in relation to the quantity produced unless fixed costs are zero and variable costs constant. A cost curve can be plotted, with cost on the y axis and quantity on the x axis. Marginal costs are often shown on these graphs, with marginal cost representing the cost ... costs. A typical average cost curve will have a U shape, because fixed costs are all incurred before ... marginal cost curve will intersect a U shaped average cost curve at its minimum, after which point the average cost curve begins to slope upward. For further increases in production beyond this minimum, marginal cost is above average costs, so average costs are increasing as quantity increases. An example ... widgets per period below a certain production level, average cost is higher due to under utilised equipment, while above that level, production bottlenecks increase the average cost. Long run average cost The long run is a time frame in which the firm can vary the quantities used of all inputs, even physical capital. A long run average cost curve can be upward sloping, downward sloping, or downward ..., with an in between level of output at which the slope of long run average cost is zero. The typical long run average cost curve is U shaped, by definition reflecting increasing returns to scale ... i.e., is operating in a downward sloping region of the long run average cost curve if and only if it has ... sloping region of the long run average cost curve if and only if it has decreasing returns to scale ... firms operating at the minimum point of their long run average cost curves i.e., at the borderline ... its purchases of an input drives up the input s per unit cost, then the firm could have ... more details
Cost engineering is the engineering practice devoted to the project cost management, involving such activities as estimating, cost control, cost forecasting, investment appraisal, and risk analysis. ref Provoc Glossary of Common Project Control Terms, The Association of Cost Engineers ACostE , http www.acoste.org.uk ref Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements. ref Home DACE, Dutch Assocsiation of Cost Engineers, http www.dace.nl ref A cost engineer is an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation cost control .... ref AACE International Recommended Practice No. 10S 90, COST ENGINEERING TERMINOLOGY, TCM Framework General Reference , AACE, 2010, pg 24 ref Overview One key objective of cost engineering is to arrive at accurate cost estimates and schedules and to avoid cost overrun s and schedule slips. Cost engineering goes beyond preparing cost estimates and schedules by supporting assessment and decisionmaking. The discipline of cost engineering can be considered to encompass a wide range of cost related aspects of engineering and programme management, but in particular cost estimating,cost analysis cost assessment, design to cost, schedule analysis planning and risk assessment. ref David Greves & Herve Joumier, Cost Engineering for Cost Effective Space Programmes, esa bulletin 115 august 2003, pg1 ref The broad array of cost engineering topics represent the intersection of the fields ... such as the money, time, and other resources that were invested in the creation of the building. Cost engineers refer to these investments collectively as costs . Cost engineering then can be considered ... and cost dimensions of whatever is being engineered . Cost engineering is most often taught ... projects. Engineering economics is a core skill and knowledge area of cost engineering. AACE International ... more details
Multiple issues unreferenced January 2008 cleanup July 2008 original research January 2008 A cost object is a tangible input for a product manufactured Service provided, like labor or material . For example a cloth manufacturing firm requires some amount of predetermined labor and predetermined raw material for any amount of cloth being manufactured. The cost of employing labor can be directly fixed as per man per hour or per man per day per hour per minute per annum , so the labor is a cost object as you can directly associate cost with it. Similarly the raw material like cotton or threads or fabric can be another cost object. Other examples may include services taken by another firm, for example a transportation company courier company can offer some service to all customers at a fixed rate . so the cost can be directly associated with it and the company service can be then called as cost object . Generally, cost object term is used for fixed Cost components of total cost otherwise any thing which is incurring some cost can be called as a cost object like an Advertisement . Category Business economics de Kostentr ger sv Kostnadsb rare ... more details
Multiple issues unreferenced August 2010 orphan August 2010 inappropriate person article we date April 2011 The Financing Cost FC , also known as the Cost of Finances COF , is the cost and Interest rate interest and other charges involved in the borrowing of money to build or purchase assets . Category Accountancy accounting stub ... more details
Cost Plus may refer to Cost Plus, Inc. , U.S. retail business Cost plus contract Cost plus pricing disambig Short pages monitor This long comment was added to the page to prevent it being listed on Special Shortpages. It and the accompanying monitoring template were generated via Template Longcomment. Please do not remove the monitor template without removing the comment as well. ... more details
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