Target costing is an approach to determine a product's life-cycle cost which should be sufficient to develop specified functionality and quality, while ensuring its desired profit. It involves setting a target cost by subtracting a desired profit margin from a competitive market price. A target cost is the maximum amount of cost that can be incurred on a product, however, the firm can still earn the required profit margin from that product at a particular selling price. Target costing decomposes the target cost from product level to component level. Through this decomposition, target costing spreads the competitive pressure faced by the company to product's designers and suppliers. Target costing consists of cost planning in the design phase of production as well as cost control throughout the resulting product life cycle. The cardinal rule of target costing is to never exceed the target cost. However, the focus of target costing is not to minimize costs, but to achieve a desired level of cost reduction determined by the target costing process. (Wikipedia).
Ex: Find the Average Cost Function and Minimize the Average Cost
This video explains how to find the average cost function and find the minimum average cost given the total cost function. Site: http://mathispower4u.com
From playlist Applications of Differentiation – Maximum/Minimum/Optimization Problems
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From playlist Applications of Differentiation – Maximum/Minimum/Optimization Problems
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From playlist Applications of Differentiation – Maximum/Minimum/Optimization Problems
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From playlist Banking and Money
In this video we cover the idea of marginal cost. This is simply the derivative of the cost function. We can roughly define marginal cost as the cost of producing one additional item. For more videos please visit http://www.mysecretmathtutor.com
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From playlist Applications of Differentiation – Maximum/Minimum/Optimization Problems
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