Cost of Production
H2 Economics Only
In the topic, cost of production, students will grapple with fixed and variable costs. In essence fixed costs do not vary with output while variable costs vary with output. It provides and accurate way to measure the total economic cost of production. Students will have to learn how to differentiate between fixed and variable costs in order to determine the total cost of production for an entity.
Economics Tuition: Discuss the relative significance of input cost, consumer incomes and market concentration in influencing firms’ pricing decisions in your country
Discuss the relative significance of input cost, consumer incomes and market concentration in influencing firms’ pricing decisions in your country.  Introduction Firms in most industries in Singapore face an imperfect market condition and the pricing behaviours...read more
Economics Tuition: Distinguish, with examples, between the fixed and variable cost involved in the supermarket industry
Fixed costs are costs incurred by the firm on fixed factors of production that do not vary with any change in the level of output such as the expenditures on the insurance premium, cost of equipment and renovation cost. As for variable costs, the firm incurred this...read more