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Lecture 13

MGEA02H3 Lecture Notes - Lecture 3: Profit Maximization, Marginal Revenue, Market Power
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4 Pages
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Fall 2018

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

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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

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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
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