Ch9-_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, [email protected] T, R 11 – 2 pm Garry Sran, [email protected] T, R 2 – 4 pm PJ Chuang, [email protected] M, W 1:30 – 4:30 pm
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Course Evaluation OPTION 1(2 exam - 25%): for those who have chosen to write two midterm exams: 7:30 am – 8:15am OPTION 2 (50%): for those who have chosen to write only one midterm exam: 7:30 am – 9:00 am DATE: Thu. OCT. 23, 2008 , LOCATION: CLH-L Assignment (30%): Due T. Dec. 2, 08 @11:45 pm Final Exam (20%): T. Dec. 2, in class (Cumulative)
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Reading/Homework for Reading: Text – Chs. 8, 9 & 10 Practice Exercises: Practice Exercises: Study Guide: Chs. 8, 9 & 10 Aplia: Aplia: Weeks 6,7 & 8: Practice questions/problems
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Chapter 9 ORGANIZING PRODUCTION
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Objectives Firm: Definition and Goal Profit: Normal Profit Economic Profit Efficiency: Technological efficiency Economic efficiency Business Organizations Principal-agent problem Markets (types)
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The Firm Definition: A firm is an institution that hires factors of production and organizes them to produce and sell goods and services. The Firm’s Goal : A firm’s goal is to maximize profit. If the firm fails to maximize profits it is either eliminated or bought out by other firms seeking to maximize profit.
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Measuring a Firm’s Profit Accountants measure: A firm’s profit using rules laid down by the Government and the Financial Accounting Standards Board (in order to determine the correct amount of taxes to be paid to the Gov. as well as providing financial information for the lending institutions).
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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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Ch9-_F08 - Principles of Microeconomics AS/ECON1000 3.0...

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