Cost Analysis Topics for discussion         Total Revenue and Total Cost Explicit and Implicit Costs Accounting and Economic Profit Opportunity Cost…

Slide 1 More on supply Today: Supply curves, opportunity cost, perfect competition, and profit maximization Slide 2 In previous lectures… …we have studied demand Today,…

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…

Ch. 9: ORGANIZING PRODUCTION Definition of a firm The economic problems that all firms face Technological vs. economic efficiency The principal-agent problem Different types…

Slide 1 Profit Maximization, Supply, Market Structures, and Resource Allocation Slide 2 Market Structure Firms are assumed to maximize economic profits Economic Profit =…