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  • Session 8 - Theory of Cost and Profit

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    This document provides an overview of the principles of microeconomics related to the theory of cost and profit. It discusses the relationship between total cost and output in the short run. Specifically, it defines fixed costs as expenses that do not change with output, variable costs as expenses that change based on the level of output, and sunk costs as past expenditures that cannot be recovered. It also defines marginal cost as the change in total cost from producing an additional unit of output.

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    This document provides an overview of the principles of microeconomics related to the theory of cost and profit. It discusses the relationship between total cost and output in the short run. Specifically, it defines fixed costs as expenses that do not change with output, variable costs as expenses that change based on the level of output, and sunk costs as past expenditures that cannot be recovered. It also defines marginal cost as the change in total cost from producing an additional unit of output.

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    © All Rights Reserved
    Descargue como PDF, TXT o lea en línea desde Scribd
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    12 vistas7 páginas

    Session 8 - Theory of Cost and Profit

    Cargado por

    mqcpiqms
    This document provides an overview of the principles of microeconomics related to the theory of cost and profit. It discusses the relationship between total cost and output in the short run. Specifically, it defines fixed costs as expenses that do not change with output, variable costs as expenses that change based on the level of output, and sunk costs as past expenditures that cannot be recovered. It also defines marginal cost as the change in total cost from producing an additional unit of output.

    Copyright:

    © All Rights Reserved
    Descargue como PDF, TXT o lea en línea desde Scribd
    Marcar por contenido inapropiado
    de 7

    Principles of Microeconomics

    Theory of Cost and Profit

    COST-OUTPUT RELATIONSHIP IN THE SHORT RUN

    Total Cost
    Fixed Cost vs Variable Cost
    Sunk Cost

    Marginal Cost

    RUDOLPH D. VELASCO, MM

    R214b, QMS Office, Main


    Building, MQC Main
    Monday to Tuesday 5:00- 8:00 pm
    09083016693
    rudolph_tornado@yahoo.com.ph
    http://istudyguide.weebly.com

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    AFQjCNHOLNl6utHLa72lVAQ03l5gUYBG3g&bvm=bv.83829542,d.dGY

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