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.
D., & Hollingsworth, B. (1997). Measuring production efficiency of acute
hospitals in Scotland, 1991-94: Validity issues in data envelopment analysis. Applied
Economics, 29(11), 1425-1433.
Manonmani, M. M. (2013). A stochastic frontier production function approach
to Indian textile industry. Indian Journal Of Industrial
Mairesse, J., & Jaumandreu, J. (2005). Panel-data estimates of the
production function and the revenue function: What difference does it make?. Scandinavian
Journal Of Economics, 107(4), 651-672.
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
These discussions are
two separated discussions.
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