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| Topic: |
Business
|
| Number of pages / Number of words: |
6 / 1429 |
Essay's paper body
DRS refers to what happens when all inputs are varied by some proportion. The law of diminishing returns refers to the case in which one input varies while all others are held fixed.
Figure 9.11 (Returns to Scale)
Costs (10)
QL: 1, 2, 3?
Qoutput:given
(Q = 3*KL = 3(ko)L ; L = Q/3ko)
FC = rko
VC = wL
TC = FC + VC = rKo + wL
AFC = FC/Q = rKo/Q
AVC = VC/Q = wL/Q
ATC = AFC + AVC = (rKo + wL)/Q
MC = ?TC/?Q = ?VC/?Q
Figure 10...
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The min value of AVC corresponds to the max value of AP.
Figure 10.9 (relationship between MP, AP, MC, and AVC)
LMC=?LTC/?Q (LMC is the cost to the firm in the long run of expanding its output by 1 unit)
LAC=LTC/Q
Figure 10.16 (LTC, LAC, and LMC curves)
Figure 10.17 (LTC, LMC, LAC w/ CRS); Figure 10...
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