ECONOMICS 1021
Midwestern University
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11-Outputs and Costs
- Other • 4 pages • 2021
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-all firms in all markets make a decision about quantity to produce and price to charge
-goal: attain maximum profit
Short Run:
-time frame of at least one factor of production is fixed
-plant: fixed factor of production (generally capital, land, entrepreneurship)
-production and labour variable factors of production
-easily reversed (generally by changing amount of labour it hires)
Long Run:
-quantities of all factors of production can be varied
-not easily reversed
-sunk cost: pa...
Other
11-Outputs and Costs
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-all firms in all markets make a decision about quantity to produce and price to charge -goal: attain maximum profit Short Run: -time frame of at least one factor of production is fixed -plant: fixed factor of production (generally capital, land, entrepreneurship) -production and labour variable factors of production -easily reversed (generally by changing amount of labour it hires) Long Run: -quantities of all factors of production can be varied -not easily reversed -sunk cost: pa...
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