Documents 1 Chapter 7 Behind the Supply Curve: 2 Recall: Optimal Consumer Behavior Consumer Behavior...

Slide 1 Slide 2 1 Chapter 7 Behind the Supply Curve: Slide 3 2 Recall: Optimal Consumer Behavior Consumer Behavior –(behind the demand curve): Consumption of G&S (Q)…

Documents Definitions of Costs It is important to differentiate between accounting cost and economic cost –....

Slide 1 Definitions of Costs It is important to differentiate between accounting cost and economic cost – the accountant’s view of cost stresses out-of- pocket expenses,…