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...Managerial economics unit cost analysis a production function tells us how much output firm can produce with its existing plant and equipment the level of depends on prices costs most desirable rate is one that maximizes total profit difference between revenue entrepreneurs pay for input factors wages labour price raw material rent building hired interest borrowed money all these are included in economist s concept different from accounting this chapter helps to understand basic concepts relationship short long runs having looked at previous it now possible see law diminishing returns affect run determinants goods services various used by organization differs major varies according quantum if size large then will also be more rise increase productivities when productivity high fall low plants due mass mechanization stability overall stable over period time lot larger per batch come down because organizations enjoy economies scale laws applies levels capacity utilization higher lower te...