Presentation

SUNK COSTS DON’T MATTER FOR FUTURE CHOICES

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Course
ECO1000 (ECON1000)

Institution
York University (Ebor )

Increase in Market Supply of Piercings Supply changes with changes in technology, environment, prices of inputs, prices of related products or services produced, expected future prices, number of businesses. For example, supply increases with: improvement in technology Increase in Market Supply ...

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Uploaded on April 12, 2023
Number of pages 27
Written in 2022/2023
Type Presentation
Person Unknown

the law of supply
costs are opportunity costs
sunk costs don’t matter for future choices
marginal opportunity cost of additional piercings measured in fingernail sets

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, COSTS ARE OPPORTUNITY COSTS

Businesses must pay
higher prices to obtain
more of an input
because opportunity
costs change with
circumstances.
The marginal costs of
additional inputs (like
labour) are ultimately
opportunity costs —
the best alternative
use of the input.

, • Marginal cost
additional opportunity cost of increasing
quantity supplied
• Marginal cost changes with circumstances
– Increases as you increase quantity supplied
• To buy inputs, a business must pay the price
matching
best opportunity cost of the input owner

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