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Hypothetical cost schedule - PowerPoint PPT Presentation

Chapter 20

Chapter 20. Cost. Learning Objectives. This chapter introduces these concepts: Fixed cost, variable costs, and total cost. Marginal cost. Short run and long run. Shut-down and go-out-of-business decisions. Average cost. Graphing the AFC, AVC, ATC, and MC curves. The production function.

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Chapter 20

Chapter 20. Cost. Chapter 20. Learning Objectives. After this chapter you should be able to: Define and analyze fixed costs, variable costs, and total cost. Discuss and measure marginal cost. Distinguish between the short run and the long run.

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443 views • 36 slides

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Hypothetical cost schedule - PowerPoint PPT Presentation

Chapter 20

Chapter 20