Discussion 3.1: Production
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Actions for Discussion 3.1: Production
Consider the three articles on estimating production and cost functions for this LP. Now consider that you have been hired by a firm to estimate the production capabilities and the per unit costs of the firm’s competition. How easy or difficult will it be for you to complete your task? What tools, data, and techniques will you use to be able to estimate the output and costs of the competing firms? Defend your answers and cite your sources.
Discussion 3.2: Costs
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Actions for Discussion 3.2: Costs
Discuss why is it important for a firm manager to be able to differentiate between the different types of costs such as historical costs, accounting costs, opportunity costs, long run costs, short run costs, private costs, and social costs? How can knowing this differentiation be used by the firm’s manager to the firm’s benefit? Then, using the NAU library, find and discuss articles about firms that illustrate these 7 different types of costs in the real world. (Note: you will probably need to use more than one article to be able to discuss all of these different costs) Defend your answer and cite your sources.