ECON lecture 12 - Economics 101 Lecture 12 Feb 27 2008...

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Unformatted text preview: Economics 101 Lecture # 12 Feb. 27, 2008 Behind the Supply Curve 1. Last Time: a. Organizations, Objectives and Constraints b. Profits: Objective or Constraint; Accountants’ vs. Economists“? 2. Technology Constraints (Production “Recipes”) a. Short- vs. Long-Run Supply b. Cost = “Opportunity” Lost c. Uneconomic Production (Law of Diminishing Marginal Productivity) 3.Production in the Short Run (Perfectly Competitive Markets) a) Costs (fixed, variable & marginal) b) Profit Maximization: MR = MC! c) Firm’s Short-Run Supply & Shut- Down Price d) Market Supply & Shift Factors B M W a??? 772.; ml and fydw'meoffs I /. Increase 6? - \..-.... :13 ...
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