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FS08EC2106_L13 - CHAPTER 13 The Costs of Production...

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C H A P T E R The Costs of Production E conomics-2106 P R I N C I P L E S O F Prof. Byung-Cheol Kim 13
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You run General Motors. List 3 different costs you have. List 3 different business decisions that are affected by your costs. A C T I V E L E A R N I N G 1 Brainstorming costs 1
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In this chapter, look for the answers to these questions: What is a production function? What is marginal product? How are they related? What are the various costs, and how are they related to each other and to output? How are costs different in the short run vs. the long run? What are “economies of scale”? 2
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