1. Cost behavior 2. Cost analysisTypes of costs:- Behavior of cost in the short run Behavior of cost in the long run Economies of scale Vs Economies of scope 3. Costs in…

1. Costs “Cost” is not a simple concept. It is important to distinguish between four different types -fixed, variable, average and marginal .What is the cost of an additional…

Slide 1Eco 383: PPT lecture slides, September 2007 Topics: –MLBs monopoly –Ticket prices and salaries, demand, and supply –MLBs monopoly and antitrust exemption Slide…

1. CostsTotal, Fixed, Variable, Average and MarginalECON3 2. Fixed Costs (FC)• ‘A cost which is independent of output in the short run’• This can include Rent on…

1. LEARNING OUTCOMES 0 Explain the distinction between the short run & thelong run, with reference to fixed costs and variable costs. 0 Distinguish between total costs,…

1. LEARNING OUTCOMES 0 Explain the distinction between the short run & the long run, with reference to fixed costs and variable costs. 0 Distinguish between total costs,…

Slide 1Eco 383: PPT lecture slides, fall 2006 Topics: –MLB monopoly –Salaries and ticket prices –MLB’s monopoly and antitrust exemption –Franchise finances –Competitive…

Innovation theory as a criticism of neoclassical theory Criticisms of the neoclassical model of the firm: Impressively rigorous but how relevant in practice? Maximization…

Chapter 1: The Five Foundations of Economics The dismal science? What is economics? The five foundations of economics Welcome to Econ 2202 Making choices under conditions…

Lecture 11 Economic Propositions about Costs 1. The higher the selling price of a good, the greater the amount that producers will offer. (The Law of Supply) 2. Marginal…