Class Notes (995,698)
CA (574,479)
UTSC (34,190)
MGEA02H3 (205)
Lecture 13

# MGEA02H3 Lecture Notes - Lecture 3: Profit Maximization, Marginal Revenue, Market Power 24HRPremium

4 Pages
46 Views
Fall 2018

Department
Economics for Management Studies
Course Code
MGEA02H3
Professor
John Parkinson
Lecture
13

This preview shows page 1. Sign up to view the full 4 pages of the document.
MGEA02 Lecture 13 Cost of production
Midterm Information
o This is the last class before midterms
All material covered in class today will not be on the exam
o Saturday, October 20th, 2018
9:00 10:30am
Please show up on time
Bring your T card
Bring pencils for the Scranton
o Bring a non-programmable calculator!!!
No graphing calculators
o Find your room on Quercus
o Topic 1 5 will be covered
See lecture slides, detailed reading list and read textbook
o Exam will consist of 25 multiple choice questions
Cost curves
o What does the cost curves look like in the short run?
o In the short run:
Capital is fixed
Cost is fixed
Technology is fixed
o Remember:
TC = UC + FC
AC = (TC/g)
AC = AVC + AFC
AFC = AC AVC
o Algebra of cost curves
The function will be non- linear
For instances, TC = 200 + 3q + q^2
MC = dTC/dq

#### Loved by over 2.2 million students

Over 90% improved by at least one letter grade.

OneClass has been such a huge help in my studies at UofT especially since I am a transfer student. OneClass is the study buddy I never had before and definitely gives me the extra push to get from a B to an A!

Leah — University of Toronto

Balancing social life With academics can be difficult, that is why I'm so glad that OneClass is out there where I can find the top notes for all of my classes. Now I can be the all-star student I want to be.

Saarim — University of Michigan

As a college student living on a college budget, I love how easy it is to earn gift cards just by submitting my notes.

Jenna — University of Wisconsin

OneClass has allowed me to catch up with my most difficult course! #lifesaver

Anne — University of California
Description
MGEA02 Lecture 13 Cost of production Midterm Information o This is the last class before midterms All material covered in class today will not be on the exam th o Saturday, October 20 , 2018 9:00 10:30am Please show up on time Bring your T card Bring pencils for the Scranton o Bring a non-programmable calculator!!! No graphing calculators o Find your room on Quercus o Topic 1 5 will be covered See lecture slides, detailed reading list and read textbook o Exam will consist of 25 multiple choice questions Cost curves o What does the cost curves look like in the short run? o In the short run: Capital is fixed Cost is fixed Technology is fixed o Remember: TC = UC + FC AC = (TC/g) AC = AVC + AFC AFC = AC AVC o Algebra of cost curves The function will be non- linear For instances, TC = 200 + 3q + q^2 MC = dTC/dq
More Less

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

# You've reached the limit of 4 previews this month

Create an account for unlimited previews.

Already have an account?

Notes
Practice
Earn
Me

OR

Don't have an account?

Join OneClass

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

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.