Class Notes (836,591)
Canada (509,862)
Langara College (1,809)
Economics (37)
ECON 2210 (30)
M.Yu (30)
Lecture

Costs and Bads.docx

3 Pages
115 Views
Unlock Document

Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Costs and Bads - Every decision has a bad and good thing o Bad things are not the cost of the decision, unless it influences the value of the next best alternative - Cost of choosing one thing is not the value of the bads, but the forgone value of the choice you didn’t make Sunk, Avoidable, Fixed, Variable Costs - Three distinction among different type of costs - First is difference between ordinary costs of production and transaction cost o Transaction: costs that arise when individuals try to cheat one another in an exchange - Second is sunk (unavoidable) costs and avoidable costs o Sunk: costs that have no bearing on economic decisions becau
More Less

Related notes for ECON 2210

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit