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Microeconomics 1110 ch7.docx


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ECON 1110

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Microeconomics 1110
Ch. 7
The Theory of Production and Theory of Cost
They task now is to derive the supply curse that is the other half of the market. It turns
out that the supply curve is part of a cost curve facing firms.
Org of Firms
1. Single Proprietorship
2. Partnership
3. Coorperation
4. State Ownership Enterprise
5. Not For Profit Org
The objective of the firm is :
to make the most profits it can.
o It raises financial
which it then uses to obtain real capital.
Then it hires ppl to work as employees
they work with the real capital to produce an output which
is offered for sale. So we assume that consumers max
satisfaction and firms max profits.
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