PGDM BATCH ||| Rajkamal Paroha CONTENTS     Introduction Key concept of law Production function Definition of the law  Assumptions and example  Table and…

Slide 1Reflection: Take out a piece of paper and do this 1.Does your grade reflect your learning? Why or why not? 2.What is working? What can Mr. Mothorn do to help? 3.What…

Slide 1Copyright 2008 The McGraw-Hill Companies 20-1 Economic Costs Profits Compared Short-Run Production Relationships Law of Diminishing Returns Short-Run Production Costs…

1. Businesses and the Costs of Production 07 McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. 2. Economic Costs • The payment…

Slide 1 Slide 2 The Costs of Production 22 C H A P T E R Slide 3 Costs exist because resources Are scarce Productive Have alternative uses Use of a resource in a specific…

Slide 1 Slide 2 The Costs of Production 1 22 C H A P T E R Slide 3 Costs exist because resources Are scarce Productive Have alternative uses Use of a resource in a specific…

Slide 1 Micro Review Day 1: Product Markets Theory of Choice Total Utility & Marginal Utility Market Behaviors MR=MC Slide 2 Production= Converting inputs into output…

Slide 1 Chapter 9 Businesses and the Costs of Production Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written…

PB102 MICROECONOMICS CHAPTER 5 THEORY OF PRODUCTION Chapter Objectives Firm’s behavior in production process How producer determined the level of output which give maximize…

Slide 1 Producer Choice How Firms Behave What are Profits? Profit$$ Types of Profit Economic Includes opportunity Costs Accounting $$$$ and cents Types of Profit Accounting…