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Costs in Economics

Part 1

Language:  English
This book is focused on detailed description on costs in economics. Activities for practically applying the costs have been provided.
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This book explains costs purely from the perspective of economics. Costs in adherence to micro and macro-economic principles have been considered in this book. Costs relating to different periods (short run and long run) and under different competitive markets - perfect, imperfect markets, monopoly, oligopoly, monopolistic etc., have been taken into consideration. This book is focussed predominantly on short-run costs only touching upon the long-run costs wherever necessary.

About the Author

Ambika Kulshrestha is a strategy consultant, a business coach, and a visiting professor in the area of Strategic Management and Economics. She is the director of Strategy Practice at Rectangle Consulting, a boutique Business and Strategy consulting firm based out of Hyderabad, India. Ambika is a former banker with CitiGroup and has studied Economics and Commerce at the master’s level at the University of Mumbai and Symbiosis International University, India. She has overall 26 years of experience as a Banker and Strategy consultant. She is a published researcher at Springer Nature.

  • Preface
  1. Concept of Cost and Its Brief History
    1. Theory of Costs
    2. Value Related and Payment-Oriented Notions of Cost
    3. Determination of Costs
  2. Costs in the Short Run
    1. Different Types of Costs
    2. Average and Marginal Costs
  3. A Variety of Cost Patterns
    1. Choice in a World of Scarcity Thereby Reducing Costs
    2. Variable and Fixed Costs in the Short Run
    3. Costs Behaviour
  4. Costs Function
    1. Why is the machine or the facility not purchased but is rented?
    2. Marginal and Average costs
    3. Relationship between Marginal Costs and Marginal Product of Labour in the Short Run
  • References
About the Author

Ambika Kulshrestha