Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

The theory of production short run

664 views

Published on

Published in: Education
  • Be the first to comment

  • Be the first to like this

The theory of production short run

  1. 1. ECON3 WWW.AQUINASECONOMICSA2.CO.UK @AQUINASECONOMIC The Theory of Production Short Run Production Answer all the questions below 1. Define all of the following terms: a. Total Costs b. Fixed Costs c. Variable Costs d. Short Run e. Long Run f. Marginal Product 2. Explain why a firm in the short run will experience diminishing marginal returns 3. Explain the concept of depreciation 4. Explain the term productive efficiency 5. Explain the term optimal output 6. Draw a cost curve diagram showing the following curves a. Marginal Cost b. Average Total Cost c. Average Variable Costs d. Average Fixed Costs

×