Class Notes (839,590)
Canada (511,419)
ECON 208 (210)
Lecture

ECON 208 CH7 Producers In The Short Run.pdf

4 Pages
115 Views

Department
Economics (Arts)
Course Code
ECON 208
Professor
Michel Lapointe

This preview shows page 1. Sign up to view the full 4 pages of the document.
Description
ECON 208 Introduction To Microeconomics Introduction To Microeconomics Chapter 7 Producers In The Short Run Firms can be organized in 6 ways 1 Single proprietorshipOne ownermanager 2 Ordinary partnershipJoin owners 3 Limited partnershipGeneral partners run the business and take responsibilityLimited partners invest in the firm 4 CorporationIdentity of its ownOwners are not responsibleDirectors are responsible 5 State owned enterpriseGovernment ownedState appointed board 6 Non profit organizationsProfits are not claimed by individualsFirms with locations in more than one country are called Multi National Enterprises or Trans National CorporationsEquity is the funds provided by the owners of the firmDebt is the funds borrowed from creditors outside the firmDividends are profits paid out to shareholders of a corporationBond is a debt instrument carrying a specific amount of interest payments and usually a date for redemption of its face valueTwo key assumptions 1 Firms are profit maximizers 2 Each firm is a single consistent decisionmaking unitFour types of production inputs 1 Intermediate products products from other firms 2 Inputs provided directly by nature such as land 3 Inputs provide directly by people such as labour 4 Inputs provided by the services of physical capital such as machinesProduction function is a functional relation showing the maximum output that can be produced by each and every combination of inputsQfLKQoutput
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

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