12 economic costs 1

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Unformatted text preview: Economic Costs 1 By the end of this section, you should be able to….. should Define and calculate total cost, average cost, Define and marginal cost. and Graphically depict the total cost, fixed costs Graphically and variable cost curves. and Discuss the difference between costs in the SR Discuss and in the LR and Know if you have economies of scale, Know diseconomies of scale or negative economies of scale and what that means. of 2 Draw the LR cost curve. Costs Overview Costs are looked at in different ways in the Costs short run and in the long run. short The short run is a time period in which The short producers are able to change the quantities of some but not all of the resources they employ. some A firm ca...
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  • Spring '14
  • Economics, Economics of production, Cost curve

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