ECONOMICS 1021
Midwestern University
All 1 results
Sort by
-
11-Outputs and Costs
- Other • 4 pages • 2021
-
- $9.49
- + learn more
-all firms in all markets make a decision about quantity to produce and price to charge 
-goal: attain maximum profit 
 
Short Run: 
-time frame of at least one factor of production is fixed 
-plant: fixed factor of production (generally capital, land, entrepreneurship) 
-production and labour variable factors of production 
-easily reversed (generally by changing amount of labour it hires) 
 
Long Run: 
-quantities of all factors of production can be varied 
-not easily reversed 
-sunk cost: pa...
Want to regain your expenses?
How much did you already spend on Stuvia? Imagine there are plenty more of you out there paying for study notes, but this time YOU are the seller. Ka-ching! Discover all about earning on Stuvia