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Chapter 10

Chapter 10.docx

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Department
Economics
Course
Economics 1021A/B
Professor
Prof
Semester
Fall

Description
Chapter10OrganizingProductionOpportunitycostofProductionthevalueofthebestalternativeuseoftheresourcesthatafirmusesinproductionThevalueofrealalternativesforgoneExpressedinmoneyunitssoyoucancompareandaddupthevalueofalternativesforgoneSumofthecostofusingresourcesboughtinthemarketownedbythefirmsuppliedbythefirmsownerEconomicAccountingASummaryPersonalincome4000100000Toachievetheobjectiveofmaximumeconomicprofitafirmmustmake5decisions1Whattoproduceandinwhatquantities2Howtoproduce3Howtoorganizeandcompensateitsmanagersandworkers4Howtomarketandpriceitsproducts5WhattoproduceitselfandbuyfromothersTechnologicalandEconomicEfficiencyTwoconceptsofproductionefficiency1TechnologicalEfficiencywhenthefirmproducesagivenoutputbyusingtheleasta
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