As Northern Ireland's capital city, Belfast is host to the Northern Ireland Assembly at Stormont, the site of the devolved legislature for Northern Ireland. Belfast is divided into four Northern Ireland Assembly and UK parliamentary constituencies: North Belfast, West Belfast, South Belfast and East Belfast.
Fixed Costs, Variable Costs, and Total Costs z Fixed costs are those that are spent and cannot be changed in the period of time under consideration. z In the long run there are no fixed costs since all costs are variable. z In the short run, a number of costs will be fixed. Fixed Costs, Variable Costs, and Total Costs z Workers represent variable costs â those that change as output changes. Fixed Costs, Variable Costs, and Total Costs z The sum of the variable and fixed costs are total costs. TC = FC + VC Average Costs z Much of the firmâs discussion is of average cost.
| PowerPoint PPT presentation | free to view. THEORY OF PRODUCTION AND COST-The short-run is a period of time such that there is at least one fixed factor. The long-run is a period of time such that all inputs are variable in quantity. ...| PowerPoint PPT presentation | free to view. LONG-RUN COSTS-Cost Minimization Suppose a firm has a production function with two variable inputs, labor (L), and capital (K).Q = f(L, K) This production function can be ...he long-run is a period of time such that all inputs are variable in quantity. ... | PowerPoint PPT presentation | free to view. LONG-RUN COSTS-Cost Minimization Suppose a firm has a production function with two variable inputs, labor (L), and capital (K). Q = f(L, K) This production function can be ...