Lecture notes
Lecture notes - Costs of Production
- Institution
- University Of Greenwich
- Book
- The Economy
Lecture notes: Introduction To Economics For Business Students (ECON1006), The Economy, ISBN: 0247
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COSTS OFPRODUCTION
, BUSINESS QUESTIONS
• What do costs of production consist of?
• How are costs of production measured?
• What is the relationship between inputs and outputs in the
short run and in the long run?
• What are meant by economies of scale?
• Why do economies of scale exist?
• How can a business combine its inputs in the most efficient
way?
, LECTURE TOPICS
• The meaning of costs
• Production in the short run
• Costs in the short run
• Production in the long run
• Costs in the long run
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