'Tc fc vc' presentation slideshows

Goals

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Principles of Microeconomics

Principles of Microeconomics. Lecture 9: An introduction to firms. Overview. Short-run v. long-run production The production function Product of labour curves (short-run) Cost curves (short-run) Cost curves (long-run) Economies of scope. Short-run v. long-run production. Short-run:

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Chapters 8: Costs of Production

Chapters 8: Costs of Production. Cost Definitions. Total cost (TC) = all costs of production If r is the cost of capital (rental cost), and w is the wage, then TC = rK + wL Average total cost (ATC) = total cost/quantity produced

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Pricing

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