New PDF release: Accounting Theory: Conceptual Issues in a Political and

By Harry I. Wolk, James L. Dodd, John J. Rozycki

Accounting concept basically identifies the weather of accounting thought, then relates these parts to precise areas of difficulty in accounting.

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Extra resources for Accounting Theory: Conceptual Issues in a Political and Economic Environment

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Study tip The diagram opposite illustrates the long run average cost curve, Remember, some firms may never reach the point where the LRAC begins to rise. 28 ————————————————————————————————————————— –––––––––––––––––––––––––––– The Market System and the Competitive Process Costs and supply K K Economies of scale Long run costs will fall if there are economies of scale present. , same number of directors, even when the business grows. Definition Economies of scale are all those processes that lead to a fall in the average costs of production, as the scale of output is increased in the long run.

Same number of directors, even when the business grows. Definition Economies of scale are all those processes that lead to a fall in the average costs of production, as the scale of output is increased in the long run. Remember this! Economies of scale are only concerned with costs, never with sales and revenue. Just because costs fall as output rises does not mean that profits will rise. The business may not be able to sell the extra output! 29 ————————————————————————————————————————— The Market System and the Competitive Process Costs and supply K K Diseconomies of scale At some point average costs may rise as the business increases the scale of its output.

Any profit above this level is called excess or abnormal profit. And also Businesses may have objectives other than profit: security, growth, market share. 27 ————————————————————————————————————————— The Market System and the Competitive Process Costs and supply K K K Long run costs ‘Normal’ long-run AC curve In the long run, all factors are variable, so the law of diminishing returns to a fixed factor does not apply. The long run average cost curve (LRAC) is a combination of short run average cost curves (SRAC).

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