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Production and Cost of Production - Coggle Diagram
Production and Cost of Production
Profit = total revenue - total cost
Total Revenue
Profit
Economic profit
Accounting profit
Explicit costs
Total Cost
Explicit costs
Implicit costs
Production function
Marginal product
Diminishing marginal product
Costs of production
Fixed costs
Variable costs
Average costs
Efficient scale
Marginal costs
Cost curves
Marginal cost rises with quantity of output
average total-cost-curve is U-shaped
marginal-cost curve crosses the average total cost curve at the minimum of average total cost
Economies of scale
Diseconomies of sale
Constant returns to scale
Economies of scale