Freight Data Cost Elements (2013) / Chapter Skim
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A-1 A p p e n d i x A Basic Cost Concepts, Definitions, and Glossary Appendix A A-1 Appendix A: Basic Cost Concepts, Definitions, and Glossary Economic vs. Market Costs Economists study two related -- though different -- concepts: market or private costs, and economic or resource costs.
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A-2 Appendix A A-2 Social Costs = Private Costs + External Costs Public sector decision making concerning freight transportation must consider the impacts that the different alternatives have on all stakeholders. Some of these impacts (e.g., the direct costs associated with making a delivery)
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A-3 Appendix A A-3 Figure A.2. Basic relations among cost components.
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A-4 Appendix A A-4 where P = the market rate, m = the marginal cost, = the elasticity of demand, and sk = the market share of producer k. As shown, equations (1)
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A-5 Appendix A A-5 Economic costs: The actual costs of each activity without internal markups, transfers, or profits. External costs: The costs that are not internalized by the participants in an economic transaction.
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A-6 Appendix A A-6 Short-run average costs: Short-run total cost divided by the total output. Short-run fixed costs: The summation of all fixed costs required to produce a set output.
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