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Ec100A Ch6 - 6 PRODUCTION Econ 100A Mortimer Production The...

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PRODUCTION 6 Econ 100A Mortimer
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Production The Production Decisions of a Firm The theory of the firm describes how a firm makes cost- minimizing production decisions and how the firm’s resulting cost varies with its output. The production decisions of firms are analogous to the purchasing decisions of consumers, and can likewise be understood in three steps: 1. Production Technology 2. Cost Constraints 3. Input Choices Econ 100A Mortimer
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