Ch10-_F08

# Ch10-_F08 - Principles of Microeconomics AS/ECON1000 3.0...

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Principles of Microeconomics AS/ECON1000 3.0 Section A– Fall 08 Professor: Art Noordeh, PhD Web site: www.noordeh.pageout.net

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Teaching Assistants Room 1098 VH Jenny Fang, fyj@yorku.ca T, R 11 – 2 pm Garry Sran, gsran@yorku.ca T, R 2 – 4 pm PJ Chuang, pjchuang@econ.yorku.ca M, W 1:30 – 4:30 pm
Course Evaluation Midterm Exam #2 (25%): T. Nov.11, in class Assignment (30%): Due T. Dec. 2, 08 @11:45 pm Final Exam (20%): T. Dec. 2, in class (Cumulative)

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Other Important Dates Nov. 7, 08: Last date to drop the course without receiving a grade Dec. 2, 08: Last day of Classes
Reading/Homework for Reading: Text – Chs. 10 & 11 Practice Exercises: Practice Exercises: Study Guide: Chs. 10 & 11 Aplia: Aplia: Weeks 8 & 9: Related Practice questions/problems

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Chapter 10 Production and Cost
Objectives Short run VS. long run Production Function Total product Marginal product Average product Law of Diminishing Return Cost Function Total cost Marginal cost Average cost Long-run average cost curve

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Decision Time Frames The short run The long run
Short-Run Technology Constraint To increase output in the short run, a firm must increase the amount of labour employed. Three concepts describe the relationship between output and the quantity of labour employed: 1. Total product = TP 2. Marginal product = ΔTP/ΔQ 3. Average product = TP/Q

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Short-Run Technology Constraint: Total Product Curve The total product curve is similar to the PPF. It separates attainable output levels from unattainable output levels in the short run.
Short-Run Technology Constraint: TP vs. MP The second worker hired produces 6 units of output and total product becomes 10 units. The third worker hired produces 3 units of output and total product becomes 13 units. And so on.

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TP vs. MP The height of each bar measures the marginal product of labour. For example, when
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## This note was uploaded on 08/04/2009 for the course ECON 1000 taught by Professor Paschakis during the Fall '08 term at York University.

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Ch10-_F08 - Principles of Microeconomics AS/ECON1000 3.0...

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