Cost of inputs - SPUR ECONOMICS

Producer Equilibrium: Isoquants, Isocost line and Expansion

In the long run, firms have a lot more flexibility in the choice of inputs. In addition to labour, firms can choose to expand their capital by setting up new…

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July 20, 2022

Costs / Microeconomics / Theory of Costs, Production and Producer Equilibrium

Short-run Costs: Total, Average and Marginal Costs

In the production theory, we discussed how inputs are used to generate output in the short run and the long run. We also analyzed the effects of changing technology on…

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July 19, 2022

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