Slide 1 Ch. 9: ORGANIZING PRODUCTION Definition of a firm The economic problems that all firms face Technological efficiency vs. economic efficiency The principal-agent…
The Study of Economics Decision Making by Individuals and Firms Chapter 9 1 Why good decision making begins with accurately defining costs and benefits The importance of…
Lecture #3: Topic #1 Benefits, Costs, and Decisions Lecture 3 – Summary of main points Costs are associated with decisions, not activities. The opportunity cost of an alternative…