Slide 1 1 Chapter 8 COST FUNCTIONS Slide 2 2 Definitions of Costs It is important to differentiate between accounting cost and economic cost –the accountant’s view of…

Slide 1 Chapter 12 COSTS Copyright ©2002 by South-Western, a division of Thomson Learning. All rights reserved. MICROECONOMIC THEORY BASIC PRINCIPLES AND EXTENSIONS EIGHTH…

Slide 1 Definitions of Costs It is important to differentiate between accounting cost and economic cost – the accountant’s view of cost stresses out-of- pocket expenses,…

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Slide 1 1 Chapter 8 COST FUNCTIONS Copyright ©2005 by South-western, a division of Thomson learning. All rights reserved. Slide 2 2 Definitions of Costs It is important…