Econ1-Fall2010-06A-Supply-handout

Econ1-Fall2010-06A-Supply-handout - Readings Economics1...

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Economics 1 rinciples of Microeconomics Principles of Microeconomics 6. Supply (A) Fall 2010 Herb Newhouse 1 eadings Readings h 6: Perfectly Competitive Supply (p 155 Ch. 6: Perfectly Competitive Supply (p. 155 156, 159) roduction in the Short Run Production in the Short Run Some Important Cost Concepts verage Variable Cost and Average Total Cost Average Variable Cost and Average Total Cost 2 utline Outline rofit maximization Profit maximization. Short run production. tl /M i l /A dt Total/Marginal/Average product. Relationship between marginal and average. Short run costs. Total/Fixed/Variable. Total/Average/Marginal. elationship between MP and MC. Relationship between MP and MC. 3 rofit Maximization Profit Maximization this really the goal of all firms? Is this really the goal of all firms? hat about firms that produce eco iendly What about firms that produce eco friendly products? What about firms that want to provide good orking conditions for their employees working conditions for their employees? 4
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o Sides of Profit Maximization Two Sides of Profit Maximization . osts: How much it costs a firm to produce 1.
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This note was uploaded on 06/12/2011 for the course CS 1 taught by Professor Staff during the Fall '08 term at Cornell.

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Econ1-Fall2010-06A-Supply-handout - Readings Economics1...

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