TEST 4 _MICRO STUDY GUIDE - Returns Cost Theory Short Run...

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TEST 4 STUDY GUIDE Accounting Profit versus Economic Profit Economic Cost=Implicit Cost +Explicit Cost Accounting Cost= Explicit Cost Short Run versus Long Run Production Theory Concepts, Numerical( Table) and Graphical Analysis of TP,MP and AP The Law of Diminishing Marginal
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Unformatted text preview: Returns Cost Theory( Short Run) • Concepts , Tables and Graphical Analysis of: Total Cost Average Cost Marginal Cost • Why SRAC is U-shaped? • Long Run Costs • THE MEANING OF ECONOMIES /DISECONOMIES OF SCALE...
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