Question Paper Economics (CFA520) : July 2007 • Answer all questions. • Marks are indicated against each question. 1. At a local supermarket, the price of Simla apples…
EconS 301: INTERMEDIATE MICROECONOMICS WITH CALCULUS PRACTICE EXERCISES ON INTERMEDIATE MICROECONOMICS WITH CALCULUS Felix Munoz-Garcia 1 School of Economic Sciences Washington…
1. Cost Concepts 2. Cost Concept: It is used for analyzing the cost of a project in short and long run. 3. Types of Cost: Total fixed costs (TFC) Average fixed…
1. Fixed and Variable Costs A2 Microeconomics Tutor2u 2. Fixed Costs Fixed costs do not change as output varies in the short runFixed cost has to be paid, whatever the level…
Short and Long Run COST CURVES Costs Costs Total Cost - the sum of all costs incurred in production TC = FC + VC Average Cost – the cost per unit of output…
Introduction Cost is the basis of many important decisions Cost & revenue are the 2 main factors Relation between cost & output is called cost function…