Ecos1501 Study guides, Study notes & Summaries
Looking for the best study guides, study notes and summaries about Ecos1501? On this page you'll find 1 study documents about Ecos1501.
All 1 results
Sort by
-
PRODUCTION AND COST ANALYSIS IN THE SHORT RUN
- Summary • 8 pages • 2021
-
- R50,00
- + learn more
A.	Three measures of productivity, or the relationship between inputs and the output, are total product, average product and marginal product 
 
This chapter introduces students to short-run production and cost. In the short-run, all production functions incur diminishing returns when variable inputs are used relative to at least one fixed input, reducing the additional amounts of the output being produced. Diminishing returns in production causes a short-run increase in the marginal cost, as ...
And that's how you make extra money
Did you know that on average a seller on Stuvia earns R4500 per month selling summaries? Hmm, hint, hint. Discover all about earning on Stuvia