Ch07
Cost vs Production in Short and Long Run
13.1 ECONOMIC COST AND PROFIT Explicit Costs and Implicit Costs An explicit cost is a cost paid in money. An implicit cost is an opportunity cost incurred.
© 2002 Prentice Hall Business PublishingPrinciples of Economics, 6/eKarl Case, Ray Fair 7 Prepared by: Fernando Quijano and Yvonn Quijano Short-Run Costs.
Copyright 2008 The McGraw-Hill Companies 21-1 Four Market Models Pure Competition Profit Maximization in the Short-Run Marginal Cost and Short-Run Supply.
12 Perfect Competition. Learning Objectives What is perfect competition? How does a firm make output decision in the competitive market? Price and output.
11 Output and Costs. Learning Objectives Short run and the long run The relationship between a firm’s output and labour employed in the short run.
Principles economics cost of production
F2 - Past Papers
Short Run Costs and Output Decisions
