Table of contentsPowerPoint Presentation
The Firm’s Problem
The Firm’s Decision Process
Opportunity Costs
What Is Profit?
Sunk Costs & Rational Decisions
Production (Q) and Costs
Comparing Costs to Quantity
Production & Costs: Short Run
Short-Run Cost Curves
Slide 11
Why Do Cost Curves Increase?
Diminishing Returns to an Input
The Long-Run Decision: Economies of Scale & LRAC
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Author: James Luke E-mail: lukej@lcc.edu |