CHAPTER 7 - COST OF PRODUCTION
6) Economists proclaim that competitive firms make zero
economic profit in the long run. This shows how
a) detached economists are from the real world.
b) unrealistic economic theory is.
c) firms cover all their cost, both m
Chapter 7: The Costs of Production
CHAPTER 7 THE COST OF PRODUCTION
QUESTIONS FOR REVIEW
1. A firm pays its accountant an annual retainer of $10,000. Is this an economic cost? Explicit costs are actual outlays. They include all costs that involve a moneta
LABOUR ACT NO. 4857
An employee working under an employment
contract for a definite period shall not be
subjected to differential treatment in relation
to a comparable employee working under
(ACCORDING TO TURKISH LAW RELATED
Organisations with corporate status
constituted by workers or employers* in
order to protect and promote their common
economic and social rights and interests in
ASSOC. PROF. DR.
What is the Subject?
CONFLICT AND ITS RESOLUTION
WHAT IS THE REASON OF
It is because of the contraversal interest of
the employees and employers.
To work less and gain much
To pay less and make
A BRIEF OF INDUSTRIAL
RELATIONS IN TURKEY
The history of Turkish industrial relations can
be divided into 2 main periods:
Ottoman Empire period,
Turkish Republic period.
During Ottoman Empire Period
Dilaver Paa Nizamnamesi
CHAPTER 8 COMPETITIVE MARKET
7) In a perfectly competitive market,
a) firms can freely enter and exit.
b) firms sell a differentiated product.
c) transaction costs are high.
d) All of the above.
1) Economists define a market to be competitive when the
PROBLEM SESSION 4
1. A competitive firm has the following short run cost function: C( q) q3 8q2 30q 5. (CH 8,
EXERCISE 8, P. 316)
a. Find MC, AC, and AVC and sketch them on a graph.
b. At what range of prices will the firm sup