Ch13 - (MFSWJU 9MJ (TVWV TK 5UTIXHWNTs >TX UXS...

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Unformatted text preview: (MFSWJU 9MJ (TVWV TK 5UTIXHWNTs >TX UXS ,JSJUFQ 2TWTUV 1NVW INKKJUJSW HTVWV \TX MFYJ 1NVW INKKJUJSW GXVNSJVV IJHNVNTSV WMFW FUJ FKKJHWJI G\ \TXU HTVWV & ( 9 ; * 1 * & 7 3 3 , )WLNSXYTWRNSr nTXYX .S YsNX nsLUYPW QTTp qTW YsP LSX\PWX YT YsPXP VZPXYNTSX# <MFW NV F SUTIXHWNTs KXsHWNTs$ <MFW NV RFULNsFQ SUTIXHW$ -TZ FUJ WMJ\ UJQFWJI$ <MFW FUJ WMJ YFUNTXV HTVWV FsI MTZ FUJ WMJ\ UJQFWJI WT JFHM TWMJU FsI WT TXWSXW$-TZ FUJ HTVWV INKKJUJsW Ns WMJ VMTUW UXs YV WMJ QTsL UXs$ <MFW FUJ JHTsTRNJV TK VHFQJ$ THE COSTS OF PRODUCTION 9TYLQ 7P[PSZP 9TYLQ *TXY 5WTqNY <J FVVXRJ WMFW WMJ KNURV LTFQ NV WT RF[NRN]J SUTKNW 5WTqNY " 9TYLQ WP[PSZP 9TYLQ nTXY WMJ FRTXsW F KNUR UJHJNYJV KUTR WMJ VFQJ TK NWV TXWSXW WMJ RFUPJW YFQXJ TK WMJ NsSXWV F KNUR XVJV Ns SUTIXHWNTs THE COSTS OF PRODUCTION *TXYX# ,]UQNnNY [X .RUQNnNY ,]UQNnNY nTXYX UJTXNUJ FS tXWQF\ tK RtSJ\ eg sF\NSL ZFLJV Wt ZtUPJUV .RUQNnNY nTXYX It StW UJTXNUJ F HFVM tXWQF\ eg WMJ tsstUWXSNW\ HtVW tK WMJ tZSJUV WNRJ 7JRJRGJU tSJ tK WMJ 9JS 5UNSHNsQJV The cost of something is what you give up to get it 9MNV NV WUXJ ZMJWMJU WMJ HtVWV FUJ NRsQNHNW tU J[sQNHNW 'tWM RFWWJU KtU KNURV IJHNVNtSV THE COSTS OF PRODUCTION ,]UQNnNY [X .RUQNnNY *TXYX# (S ,]LRUQP >TX SJJI WT VWFUW \TXU GXVNSJVV 9MJ NSWJUJVW UFWJ NV (FVJ GTUUTZ J[sQNHNW HTVW " NSWJUJVW TS QTFS (FVJ XVJ TK \TXU VFYNSLV GTUUTZ WMJ TWMJU J[sQNHNW HTVW " NSWJUJVW TS WMJ QTFS NRsQNHNW HTVW " foregone NSWJUJVW \TX HTXQI MFYJ JFUSJI TS \TXU /n both cases total exp imp costs are THE COSTS OF PRODUCTION ,NTSTRnN 5WTQnY [X (NNTZSYnSr 5WTQnY (NNTZSYnSr UWTQnY " WTWFQ UJYJSXJ RNSXV WTWFQ J[sQNHNW HTVWV ,NTSTRnN UWTQnY " WTWFQ UJYJSXJ RNSXV WTWFQ HTVWV NSHQXINSL J[sQNHNW FSI NRsQNHNW HTVWV &HHTXSWNSL sUTKNW NLSTUJV NRsQNHNW HTVWV VT NWV MNLMJU WMFS JHTSTRNH sUTKNW 9MJ JTXNQNGUNXR UJSW tS tKKNHJ VsFHJ MFV OXVW NSHUJFVJI G\ RtSWM (tRsFUJ WMJ JKKJHWV tS FHHtXSWNSL sUtKNW FSI JHtStRNH sUtKNW NK L \tX UJSW \tXU tKKNHJ VsFHJ M \tX tZS \tXU tKKNHJ VsFHJ & ( 9 , ; * 1 * & 7 3 , 3 ,NTSTRnN UWTQnY [X LNNTZSYnSr UWTQnY THE COSTS OF PRODUCTION 9SP 5WTOZNYnTs +ZsNYnTs & UWTOZNYnTs QZsNYnTs VMTZV WMJ UJQFWNTSVMNs GJWZJJS WMJ tXFSWNW\ TK NSsXWV XVJI WT sUTIXHJ F LTTI FSI WMJ tXFSWNW\ TK TXWsXW TK WMFW LTTI ,W HFS GJ UJsUJVJSWJI G\ F WFGQJ JtXFWNTS TU LUFsM *[FRsQJ +FURJU /FHP LUTZV ZMJFW-J MFV FHUJV TK QFSI-J HFS MNUJ FV RFS\ ZTUPJUV FV MJ ZFSWV THE COSTS OF PRODUCTION 3T TQ \TWPpWX 6ZLSYNY^ TQ TZYUZY ,]LRUqp # +LWRpW /LnPX 5WTOZnYNTS +ZSnYNTS Q GXVMJQV TK ZMJFW L ST TK ZTUPJUV THE COSTS OF PRODUCTION...
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This note was uploaded on 03/22/2011 for the course ECON 200 taught by Professor Ta during the Spring '07 term at University of Washington.

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Ch13 - (MFSWJU 9MJ (TVWV TK 5UTIXHWNTs >TX UXS...

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