traditional and modern theory of cost pdf

Traditional And Modern Theory Of Cost Pdf

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Traditional theory distinguishes between the short run and the long run. The short run is the period during which some factors is fixed; usually capital equipment and entrepreneurship are considered as fixed in the short run. The long run is the period over which all factors become variable.

Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. Nayyar Published The rapid emergence of TNCs from emerging economies, dubbed variously as Challengers, newcomers, latecomers, dragon multinationals, born global for their distinctive pattern of internationalization as compared to giant multinationals of developed and advanced industrial nations, have exposed the limitation of traditional FDI theories which have focused mainly on the FDI from developed countries. Save to Library.

modern theory of distribution

A significant recent development in cost theory is that the long-run average cost curve is L- shaped rather than U-shaped. Even after a sufficiently large scale of output, the long-run average cost does not rise; it may either remain constant or it may even go on falling slightly. Empirical evidence indicates that initially the long-run average cost rapidly falls but after a point it remains flat throughout or at its right-hand end it may even slope gently downward. For example, Joel Dean in his cost function studies funds that long run average cost curve is L-shaped. Likewise, J. Johnston in his empirical study of cost functions found strong evidence for L-shaped long-run average cost curve. Besides, using data of Indian industries Vinod Gupta who studied long-run average cost functions for 29 manufacturing Indian industries found that in 18 of them long-run cost was L-shaped.

The concept of business cost is similar to actual cost. Normal profit is the necessary minimum earning which the firm must receive to remain in the present occupation. All the explicit cost like wages, rent, interest etc fall in this category. These are the cost that cannot be recovered. For eg.

Cost Theory: Introduction, Concepts, Theories and Elasticity | Economics

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In summary: the traditional theory of costs postulates that in the short run the cost curves (AVC, ATC and MC) is U-shaped, reflecting the law of variable proportions. Between these two phases of plant operation there is a single point at which unit costs are at a minimum.

Theory of the Firm

By a similar summing up, we can have the demand curve of all the industries using a particular productive service. The supply of labour will depend on the size and composition of population, its occupational and geographical distribution, labour efficiency, cost of education and training, cost of movement, the expected income, relative preference for work and leisure, and so on. These developments ushered in the modern era of time series spectrum analysis which has witnessed important contributions by a number of investigators.

Traditional theory distinguishes between the short run and the long run. The short run is the period during which some factors is fixed; usually capital equipment and entrepreneurship are considered as fixed in the short run. Total cost is the total expenditure incurred by a firm during the production process.

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Traditional and Modern Theory of Cost)

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L-Shaped Long Run Average Cost Curve: Modern Cost Theory

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