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This study is the result of an interest in the economic theory of production intermittently pursued during the past three years. Over this period I have received substantial support from the Office of Naval Research, first from a personal service consulting contract directly with the Mathematics Division of the Office of Naval Research and secondly from Project N6 onr-27009 at Princeton Univer sity under the direction of Professor Oskar Morgenstern. Grateful acknowledgement is made to the ·Office of Naval Research for this support and to Professor Morgenstern, in particular, for his interest in the puolication of this research. The responsibility for errors and omissions, how ever, rests entirely upon the author. Professor G. C. Evans has given in terms of a simple total cost function, depending solely upon output rate, a treatment of certain aspects of the economic theory of production which has inherent generality and convenience of formulation. The classical approach of expressing the technology of production by means of a production function is potentially less restrictive than the use of a simple total cost function, but it has not been applied in a more general form other than to derive the familiar conditions between marginal productivities of the factors of produc tion and their market prices.
Production theory and the theory of cost both belong to the central areas of business administration, for all considerations concerning the economic organization of industrial manufacturing processes start from these. Two developments in the past 30 years have had a considerable influence on the structure and the concentration on points of emphasis in this book. I am referring to findings from KOOPMANS' activity analysis and to the formulation by GUTENBERG of a production function concept that focuses on industrial production processes. Activity analysis has made it possible to develop, from a uniform approach, different types of production functions which describe the concrete principles of production in the productive sector of a business enterprise; this has created a common basis for all production concepts in business administration. The Gutenberg Production Function with its different kinds of adjustment to a changing output has opened up a flexibility to theoretical and practical considerations that gave rise to a large number of additional studies in this area. Considerations in cost theory were in particular need of considerable extensions in the direction of cost minimal combined adjustment processes. By means of the organization of its contents, this book will take both approaches into due account. In that way, it is vastly different from other books dealing with the same subject. As a matter of course, traditional analytical methods and ways of thinking also constitute a large part of the book.
Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Economists have dealt with such questions for generations, but they have taken on new meaning and significance. Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is a must-have reference resource. Key Features Provides highly readable summaries of theory and models in key areas of micro and macroeconomics, helpful for students trying to get a "big picture" sense of the field Includes introductions to relevant theory as well as empirical evidence, useful for readers interested in learning about economic analysis of an issue as well for students embarking on research projects Features chapters focused on cutting-edge topics with appeal for economists seeking to learn about extensions of analysis into new areas as well as new approaches Presents models in graphical format and summarizes empirical evidence in ways that do not require much background in statistics or econometrics, so as to maximize accessibility to students
Focuses on rapid implementation of practical, real-world cost reduction solutions In today's economic climate, the need to cut costs can be the difference between success and failure. Cost Reduction and Optimization for Manufacturing and Industrial Companies covers all major cost reduction areas, providing easy to read examples and advice on steps to take. It provides the roadmap for implementing recommended actions with true and tried methods by taking a modern, all-inclusive look at manufacturing processes. Based on the author's cost reduction experience gained during 30 years of senior operations and consulting engagements with hundreds of organizations, this book includes easy-to-understand and easy-to-implement cost reduction concepts organized into five general areas --labor, material, design, process, and overhead. Each chapter: Dives into a cost reduction area and starts with the bottom line first by summarizing key points Provides proven tactics for cutting costs without a lot of extraneous data Follows a qualitative and design-oriented approach Emphasizes quick implementation and measurable cost reduction Identifies who in the organization should do the work Outlines risks and suggested risk mitigation actions Contains numerous tables, graphs, and photos to show the concepts described in the book Praise for Cost Reduction and Optimization for Manufacturing and Industrial Companies "In this introductory book, Berk not only takes a modern, all-inclusive look at manufacturing processes but also provides substantial coverage of engineering materials and production systems. It follows a more qualitative and design-oriented approach than other texts in the market, helping readers gain a better understanding of important concepts. They'll also discover how micro-economic conditions relate to the process variables in a given process as well as how to perform manufacturing science and quantitative engineering analysis of manufacturing processes." —Fred Silverman, Director Engineering of Hi-Shear Technology Corporation "Joe Berk has created a unique, practical and straightforward approach to cost reduction in manufacturing. This work provides valuable insights and concrete techniques, based on real-world experiences, to any manufacturing organization undertaking change to position itself to compete successfully in the global marketplace." —Joe Carleone, President and COO of American Pacific Corporation Check out author Joseph Berk's blog at http://manufacturingtraining.wordpress.com/
This book serves a unique purpose within the world of engineering. It covers the economics of modern manufacturing and focuses on examining the techniques and methods from a cost perspective. It can be used by both students and professionals alike. The book is useful to students in industrial engineering and mechanical engineering programs as a primary textbook for engineering economy, production costing, and related courses. It can also be used by MBA students specializing in production management and finance. Specific topics of coverage include the computation of direct and indirect cost for manufacturing operations, including a variety of overhead operations in such an environment. Costing of manufacturing methods such as casting, forging, turning, milling, and welding is addressed along with inventory analysis. The book also includes fundamental concepts such as cash flow analysis, present and future worth analysis, and rate of return analysis. Related topics such as equipment replacement, comparison of alternatives, depreciation, buy versus make decisions, interest factors, and equivalence are covered in detail as well. Key Features: Addresses the costing of manufacturing operations through a step-by-step problem solving approach. Includes traditional engineering topics such as cash flow analysis, present worth, future worth analysis, replacement analysis, equivalence, and depreciation are addressed in depth as well. Offers a variety of solved examples that can be used to develop a thorough understanding of the underlying concept. Provides a number of practice problems at the end of each chapter. Presents a large number of figures and tables in almost every chapter, to assist in visualizing the concept and apply it successfully. Production Economics: Evaluating Costs of Operations in Manufacturing and Service Industries focuses on rigorous problem solving. Each topic is presented succinctly along with numerous solved examples, along with a large number of end-of-chapter practice problems where applicable.
A sequel to his frequently cited Cost and Production Functions (1953), this book offers a unified, comprehensive treatment of these functions which underlie the economic theory of production. The approach is axiomatic for a definition of technology, by mappings of input vectors into subsets of output vectors that represent the unconstrained technical possibilities of production. To provide a completely general means of characterizing a technology, an alternative to the production function, called the Distance Function, is introduced. The duality between cost function and production function is developed by introducing a cost correspondence, showing that these two functions are given in terms of each other by dual minimum problems. The special class of production structures called Homothetic is given more general definition and extended to technologies with multiple outputs. Originally published in 1971. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
This book brings together perspectives from economics, specifically minerals economics, to the management of global mining companies. It covers volatile price forecasting, cost analysis, investment decisions, and the social, environmental, and developmental impacts of mining.
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