ECONOMICS 1021

Midwestern University

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11-Outputs and Costs
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4

mei 2021

2020/2021
-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...
Fiona3
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