This preview shows page 1. Sign up to view the full content.
Unformatted text preview: learners. Welcome to Week 5. We have a lot to discuss this week, following from last weeks readings. Our focus will be on Long Run Costs and Labor Inputs. Please do not hesitate to let me know how I can be of assistance to you. Lets say a farmer is producing corn and the price of corn is $5. If the marginal cost of producing corn is $7, should the farmer produce more corn or less corn? How would you use the Marginal Principle to answer this question? Ron_Knapp_D5.doc...
View Full Document
- Spring '10