EconS 301: INTERMEDIATE MICROECONOMICS WITH CALCULUS PRACTICE EXERCISES ON INTERMEDIATE MICROECONOMICS WITH CALCULUS Felix Munoz-Garcia 1 School of Economic Sciences Washington…
Slide 1OUTPUT AND COSTS 10 CHAPTER Slide 2 Objectives After studying this chapter, you will able to Distinguish between the short run and the long run Explain the relationship…
Slide 1Learning Objectives Delineate the nature of a firm’s cost – explicit as well as implicit. Outline how cost is likely to vary with output in the short run and various…
Slide 111 Output and Costs Slide 2 Learning Objectives Short run and the long run The relationship between a firm’s output and labour employed in the short run…
Slide 1Production and Costs Slide 2 Average and Marginal Product Marginal Product of Labor=Increase of Product when Employing an Additional Worker (≠ marginal benefit)…
Slide 1Economics 103 Lecture # 10 Costs of Production Slide 2 When we introduce the idea of Comparative Advantage, we’re talking about different people or different inputs…
Slide 1 1 Section 2a Production and Costs Slide 2 2 Overview In this section we want to 1) Think about how production might occur and change as different amounts of inputs…
Slide 1 Chapter The Markets for the Factors of Production 18 Slide 2 Factors of Production Factors of production – Inputs used to produce goods and services – Labor,…
Slide 1 Economic vs. Accounting Cost Short-Run vs. Long-Run Decisions Opportunity Cost 8 Behind the Supply Curve: Inputs and Costs Slide 2 Total Product Curve Number of Workers…
Answers to the Problems and Applications 1. Which of the following news items involves a short-run decision and which involves a long-run decision? Explain January, 31, 2008:…