ECO100Y5 Lecture Notes - Profit Maximization, Production Function, Diminishing Returns

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15 Dec 2013
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ECO100Y5 Full Course Notes
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ECO100Y5 Full Course Notes
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Chapter 7 notes: producers in the short run. While analyzing the supply side of the market we will have to make certain assumptions: a firm is a ________________ decision-making unit. This allows up to abstract from the firm"s governance or financial structures: a firm"s main goal is to ____________________________________. A production function gives the maximum amount of _________________ the firm can produce using with different combinations of its inputs, ____________________________ and. Explicit costs are the costs of the firm that involve the purchase of goods and services, or where ________________________ actually changes hands. Implicit costs do not include any sort of market transaction, but are __________________________ for the firm. We assume firms want to choose their inputs (and thus output) in order to maximize their. The short run (sr) a time period over which the quantities of certain inputs (most commonly _____________________) cannot be changed; we call these ______________________.

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