ECON 102 Final Exam with Complete Solutions and Answers 100% Solved

ECON 102 Final Exam with Complete Solutions and Answers 100% Solved How do firms max their profit ️️Economic Profit/Total Profit(Max) cost of production depends on ️️how much workers produce -efficiency firms face costs because ️️resources they need to produce their products are scarce and have alternative uses. Process is costly to pay for resources economic costs ️️the payment that must be made to obtain and retain the services of a resource -The total opportunity costs of production to a firm, including the opportunity cost of entrepreneurship. economic costs formula ️️Economic Costs = Explicit Costs + Implicit Costs explicit costs ️️The actual payments a firm makes to its factors of production and other suppliers. Tangible. Expenses