Textbook Notes (367,893)
United States (205,908)
Economics (994)
Chapter 13

Chapter 13.docx

4 Pages
67 Views
Unlock Document

Department
Economics
Course
Economics 10a
Professor
Gregory Mankiw
Semester
Fall

Description
Ec 10a – Chapter 13 10/16/2013 The Costs of Production Total Revenue – the amount that a firm receives for the sale of its cookies Total Cost – the amount that a firm pays to buy its inputs (flour, sugar, workers, ovens, etc.)  Profit = Total Revenue – Total Cost Explicit costs – input costs that require an outlay of money by the firm Implicit costs – input costs that do not require an outlay of money by the firm Difference between explicit and implicit costs is what separates economists from accountants Economists take explicit and implicit costs into account Accountants only consider explicit costs (more responsible for keeping track of mon
More Less

Related notes for Economics 10a

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit