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Understanding Economics
Understanding Economics: A Contemporary Perspective, 2/e
Mark Lovewell, Ryerson Polytechnic University
Costs of Production

Chapter Focus

In this chapter, you will:

Consider the major organizational forms of business — sole proprietorships, partnerships, and corporations

Learn about economic costs (explicit and implicit) of production and economic profit

Analyze short-run (total, average, and marginal) products and the law of diminishing marginal returns

Derive short-run (total, average, and marginal) costs

Examine long-run results of production (increasing returns to scale, constant returns to scale, and decreasing returns to scale) and long-run costs




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