Instructor Name

Dr. Abidemi Somoye




5 (2 Rating)

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Course Description

This course is basically for students who would like to understand how economists view cost. As economists, we just don't just consider out–of–pocket expenses, we also consider implicit costs. They are costs that are intangible which you cannot find on the financial statement, which are known as opportunity costs.

Learning outcomes
 You will know how to define cost as an economist.
 You will know the difference between long–run and short–run costs.
 You will understand the concepts of marginal and average costs.
 You will understand the concept of economies of scale.
 You will understand the concept of diseconomies of scale and why they occur.
 You will be aware of cost functions and their properties.

Subject Headings:
 What is economist cost?
 What are the types of costs?
 How do we graph the total cost curves?
 How do we graph the marginal and average cost curves?
 What is the relationship between average cost and marginal cost?
 How is cost calculated in figures?
 What are long–run costs?
 What are the properties of cost functions?


After the webinar is completed, the certificate of participation will be activated. This webinar is free of charge, however, a fee is required if you want to receive a participation certificate.


Apart from credit card payments, you can make your payment by transferring to the UBAN number. Account Number: 10-304-0000134885 – NEAR EAST UNIVERSITY LTD.

Near East Bank – UBAN: CT16139050100103040000134885 It is mandatory to write your Name – Surname and E-mail address during payment by money order.

After the payment, send your receipt to info.estudybox@neu.edu.tr with your Name – Surname, and E-mail address.

Course Curriculum

1 Understanding Cost as an Economist.
15 Min


Abidemi Somoye

5 Rating
2 Reviews
321 Students
5 Courses

Dr. Abidemi Somoye has a BSc in Economics from Olabisi Onabanjo University, Nıgeria; an
MSc in Economics from Girne American University, TRNC; and a PhD in Economics from Near East
University, TRNC, where he currently teaches public finance, international economics, industrial
economics, economic development, microeconomics, and macroeconomics. His research focuses on
energy economics and developmental economics. His articles have been published in high–ranking
journals such as Renewable Energy, Environmental Science and Pollution Research, Letters in Spatial
and Resource Sciences, and OPEC Energy Review. He is a reviewer for international journals such as SN
Business & Economics, African Development Review, Environmental Quality Management and Sage
Open. He is a member of the American Economic Association and a Certified Professional Life Coach
from Transformation Academy, USA. He is a speaker and the author of five personal development books.
Dr. Abidemi Somoye loves to see people become the best they can be.
Awards and recognitions: Distinction in his MSc and PhD Degree. In addition, Dr. Abidemi Somoye
had one of the top cited paper in his article ‘the impact of financial development on energy consumption
in Nigeria’ from OPEC Energy Review in 2021–2022.
Personal/Professional Achievements: Certified Professional Life Coach from Transformation Academy,
Professional Affiliation and membership:American Economic Association

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Understanding Cost as an Economist


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