Spring 2012 Master of Business Administration - Semester 1 MB 0042: “Managerial Economics” (4 credits) (Book ID: B1131) ASSIGNMENT- Set 1 Marks 60 *Note: Each Question…
1. Micro EconomicsMicro Economics Lecture 07Lecture 07 THEORY OF PRODUCTIONTHEORY OF PRODUCTION Lecturer -J.D.T.MadhusankaLecturer -J.D.T.Madhusanka 2. Lecture OutlineLecture…
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…
Dr. Mohammed Alwosabi Econ 140 – Ch.10 Notes on Chapter 10 OUTPUT AND COSTS PRODUCTION TIMEFRAME There are many decisions made by the firm. Some decisions are major decisions…
Introduction Cost is the basis of many important decisions Cost & revenue are the 2 main factors Relation between cost & output is called cost function…
Production So far: We have studied consumers’ behavior. • Preferences and budgets give us an individual’s choices • Individual’s choices at a variety of prices…
Production Analysis unit 5 Unit 5 Structure 5.1 5.2 Introduction Objectives Meaning of production and production function 5.2.1 Uses of production function …
1. The Production Process: The Behavior of Profit- Maximizing Firms 2. Production Central to our analysis isproduction : Productionis the process by which inputs are combined,…