BSB113 Lecture Notes - Economic Discrimination, Diminishing Returns, Marginal Revenue
Document Summary
Bsb113 economics notes from wk 5 and 6. Economists" view of the activities of a firm. Is the processes a firm uses to turn inputs into outputs of goods and services. Results in a change in the ability of a firm to produce a given level of output with a given quantity of inputs. The period of time during which at least one of the firm"s inputs is fixed. A period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase or decrease the size of its physical plant. Costs in the short and the long run. The cost of all the inputs a firm uses in production. Costs that change as the quantity of output changes. Costs that remain constant as quantity of output changes. Total costs = fixed cost + variable cost. The highest-valued alternative that must be given up to engage in an activity.
