MGMT 4A Lecture Notes - Lecture 10: Opportunity Cost, Fixed-Rate Mortgage, Credit Union
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In order to be productive, we need to be able to answer these questions. Quantity = state of technology (capital, labor, resources) Key idea: the more advanced the technology, the more output produced. Output with a given quantity of inputs for a given state of engineering and technical knowledge. We need to consider the size of plant and factor input combination. No time to build a new factory! So this is the only way to increase production. Short run = capital is fixed, must change variable input. Long run = all factors adjusted, even capital. Module 2: average, marginal, variable, and total costs; the marginal product and law of. They are a business to make profit. Your role as a consumer is to make sure that you get what you need from them for a. Loans let you make large purchases without needing to save a ton of money.
