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ECO100Y1 (438)
Lecture

ECON 10 22 2013.docx

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Department
Economics
Course
ECO100Y1
Professor
Kieran Furlong
Semester
Fall

Description
ECON 10 22 2013 Short run cost - Production function=> what do you need to do a thing - A firm is not the governmental public industry like LCBO - Capitalists buy inputs and sell the outputs to get all the cost back (like wage) and get interest. - Specialization makes marginal product. It means 2 people work more efficient. - Marginal product has a climax, it rises and falls, because the utilization of the machines (capital) - Margin can never rise with the average falls. - Margin
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