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MicEco - Chapter 10.docx

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Department
Economics
Course
Economics 1021A/B
Professor
All Professors
Semester
Spring

Description
Microecon1021AOctober17EricWilsonChapter10TheFirmandItsEconomicProblemAfirmisaninstitutionthathiresfactorsofproductionandorganizesthemtoproduceandsellgoodsandservicesTheFirmsGoalAfirmsgoalistomaximizeprofitEconomicprofitequaltototalrevenueminustotalcostwithtotalcostmeasuredastheopportunitycostofproductionAFirmsOpportunityCostofProductionAfirmsopportunitycostofproductionisthevalueofthebestalternativeuseoft
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