OUTPUT AND COSTS 10 CHAPTER. Objectives After studying this chapter, you will able to Distinguish between the short run and the long run Explain the relationship.
Scarcity. Shortage Capital Physical capital Human capital.
Session 2 Cost Analysis and Supply Managerial Economics Professor Changqi Wu.
CH. 11: OUTPUT AND COSTS Measure of relationship between output and cost Short run costs Fixed vs variable Cost curves Law of diminishing marginal.
© The McGraw-Hill Companies, 2005 Chapter 7 Costs and supply David Begg, Stanley Fischer and Rudiger Dornbusch, Economics, 8th Edition, McGraw-Hill, 2005.
CH. 10: OUTPUT AND COSTS Measures of a firm’s costs. Distinction between the short run and the long run The relationship between a firm’s output.
Supply At the beginning of class... Grab your book Take out your notebook Please define: marginal product of labor increasing marginal returns diminishing.
