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Lecture

Chapter 11 - Outputs and Costs.docx

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Department
Economics
Course
ECON 101
Professor
Corey Van De Waal
Semester
Fall

Description
Chapter 11 Output and Costs Decision Time Frames Firms main objectiveprofit maximization Some decisions areCritical to the survival of the firmIrreversible or costly to reverseEasily reversible less critical to the survival of the firm but still influencing profit All decisions can be categorized into two time frames The Short Run Short run is a time frame where the quantity of one or more resources used in production is fixed Usually the firms capital or plant is fixed in short run ie labour raw material energy etc Short run decisions are easily reversed The Long Run Long run is a time frame where quantities of all resources including the plant size can be varied Long run decisions are not easily reversed Sunk cost is a cost incurred by a firm cannot be changed ie if a
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