Chapter 10 – Costs. Goals: + Understand various concepts of costs. + Distinguish between short run and long run cost. General Concept. Fixed Cost: the cost that does not vary ...
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...Chapter costs goals understand various concepts of distinguish between short run and long cost general concept fixed the that does not vary with level output in fc rk variable varies vc wl q total all factors production employed tc example function kl shortrun k r w derive graph page bj notes isocost summarizes technological options facing firm unfortunately it is enough to be just aware these when making factor input decision price a extremely important this order minimize produce efficiently must know exactly what its will...