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Outline for Thursday, July 31 Remember Homework tomorrow Quiz Monday Start Chapter 8 Review Wednesday The cost function, long run costs Profit maximization
Cost minimization The CEO chooses how much output, q We choose how to make it: What inputs, L and K, to use What the minimum cost of making q, C(q,r,w), will be
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july31

  • 1. Outline for Thursday, July 31 Remember Homework tomorrow Quiz Monday Start Chapter 8 Review Wednesday The cost function, long run costs Profit maximization
  • 2. Cost minimization The CEO chooses how much output, q We choose how to make it: What inputs, L and K, to use What the minimum cost of making q, C(q,r,w), will be