1. BellringerMankiw Ch 131. Consider some of your short term goals (within1 year)2. Consider some of your long term goals (whenyou get to be old like Klein) 2. Which curves…

1. BellringerMankiw Ch 131. Consider some of your short term goals (within 1 year) 2. Consider some of your long term goals (when you get to be old like Klein) 3. How are…

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…

Slide 1The Shut-Down Decision Slide 2 The Short-Run Production Decision In the short-run, sometimes the firm should produce even if price falls below minimum ATC In the short-run,…

Slide 1 1 Production and Cost in the Short Run Chapter 7 © 2006 Thomson/South-Western Slide 2 2 Explicit and Implicit Costs  Explicit costs  Refer to the firm’s…

The Shut-Down Decision The Shut-Down Decision The Short-Run Production Decision In the short-run, sometimes the firm should produce even if price falls below minimum ATC…

The Shut-Down Decision The Shut-Down Decision The Short-Run Production Decision In the short-run, sometimes the firm should produce even if price falls below minimum ATC…