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Final

ECO100Y1 Final: eco 100 notes summary 2.pdf

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Department
Economics
Course
ECO100Y1
Professor
W.G.Wolfson
Semester
Fall

Description
ECO100Y1bdoc Lecture 9Monday November 10 2003 THEORY OF THE FIRMFirms want to maximize profitsLKqq Output Input Firm Production Function Time PeriodsVery short run both factors fixedLKqq p S qShort run one factor fixedLKqq Long run two inputs varyLKqq Very long run technology variestheLKqq function itself variesRelate to Costs of ProductionLpKpqTC LKTVCTFCCost Variable TotalCost Fixed TotalLpKpTCIn the short run LKSR Short Run Productivity CurvesLabour ofProductTotalLKqq SR MPAP where AP is maximumAP L When AP is rising MP is above it MP L When AP is falling MP is below it AP L MPPage 1 of 14 wwwnotesolutioncomECO100Y1bdoc Lecture 10Monday November 17 2003LKqTP TP LTP AP LTPMPLTP L AP MP AP MP L COST CURVESTVCTFCLPKPTC LKSR Example LTC1001500MC AC MC SAC L Ushaped cost curvesLaw of Diminishing Marginal ReturnTFCMCAFC SAC AC qMC AFC TVCAVCAVC qTCTVCTFCSR AVCAFCSAC qqqq Page 2 of 14 wwwnotesolutioncom
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