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ECO 610-401

ECO 610-401

ECO 610-401. Monday, September 29 Topics: Costs & Decision Making: Level of Production & Mix of Resources Readings: Brickley et. al, Chapters 5,7; Chapter 19:562-574 Hoyt, Lecture 3:103-126 Handouts Extended Assignment 1 Notes and Examples

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1.31k views • 52 slides
Chapter 8

Chapter 8

Chapter 8. Costs and the Supply of Goods. Overview. Shirking and the Principle-Agent Problem The 3 Types of Business Firms Economic vs. Accounting Profits The Normal Rate of Profit Short-run vs. Long-run Categories of Costs Law of Diminishing Returns Cost Curves (short-run and long-run)

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439 views • 34 slides
The Costs of Production

The Costs of Production

The Costs of Production. ECONOMIC COSTS. Explicit + Implicit costs Explicit costs Monetary payments to others Implicit costs Opportunity costs of owner Self-owned resources Self-employed resources. PROFITS. Accounting profit Total revenue minus explicit cost. Economic profit

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460 views • 32 slides
The Theory of the Firm COSTS, REVENUES AND PROFIT (Part 2)

The Theory of the Firm COSTS, REVENUES AND PROFIT (Part 2)

The Theory of the Firm COSTS, REVENUES AND PROFIT (Part 2). BLINK & DORTON, (2007) p73-94. TYPES OF COSTS. There are three main types of costs: Total Costs (TFC/TVC/TC) Average Costs (AFC/AVC/ATC) Marginal Cost (MC).

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434 views • 28 slides
MANAGERIAL CONOMICS

MANAGERIAL CONOMICS

MANAGERIAL CONOMICS. Chapter 2 Economic Optimization. Chapter 2 OVERVIEW. Economic Optimization Process Revenue Relations Cost Relations Profit Relations Incremental Concept in Economic Analysis.

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336 views • 18 slides
AP Microeconomics

AP Microeconomics

AP Microeconomics. Costs in the Short Run. How would you label each of these curves?. How are each of the three curves derived? TP: units of labor and the output they produce. Total Product. Average Product. Marginal Product. How would you label each of these curves?.

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353 views • 17 slides

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