ECON102 Chapter Notes - Chapter 11: Average Cost, Average Variable Cost, Sunk Costs

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ECON102 Full Course Notes
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ECON102 Full Course Notes
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Not all decisions are equally criical; some a big ones that are impossible or very costly to reverse and may lead to the failure of the irm whereas others are small that can be easily changed. The biggest decision that an entrepreneur makes is in what industry to establish a irm. Decisions about the quanity to produce and the price to charge depend on the type of market in which the irm operates. Decisions about how to produce a given output do not depend on the type of market. All types of irms in all types of markets make similar decisions about how to produce. The acions that a irm can take to inluence the relaionship between output and cost depend on how soon the irm wants to act. The short run is a ime frame in which the quanity of at least one factor of producion is ixed.

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