17-cost curves more jpw

# 17-cost curves more jpw - From Cost Curves To Profit...

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microL17-S2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ From Cost Curves To Profit Maximization Lecture 17-PREVIEW Dr. Jennifer P. Wissink ©2009 John M. Abowd and Jennifer P. Wissink, all rights reserved. March 29, 2010

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microL17-S2010-page http://www.arts.cornell.edu/econ/wissink/econ1110jpw/ The Seven Short Run Cost Concepts Total values fc = fixed costs = vc = variable costs = srtc = short run total costs = fc + vc Average values afc = average fixed cost = fc/q sravc = short run average variable cost = vc/q sratc = short run average total cost = srtc/q = (afc + sravc) Marginal cost srmc = short run marginal cost = srtc/ q = vc/ q
Apples (tons/year) \$fc \$vc \$srtc \$afc \$avc \$sratc \$srmc 0 50 100 150 200 250 300 350 Jonathan's Apple Farm Cost Structure Prices Labor's time \$8.00 per hour Owner's time \$12.00 per hour Rent \$124.00 per acre Jonathan's Apple Farm Production Function Apples (tons/year) Land (acres) Labor

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## This note was uploaded on 01/27/2011 for the course ECON 1101 at Cornell.

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17-cost curves more jpw - From Cost Curves To Profit...

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