Principles of Microeconomics

Explicit vs. Implicit Costs. Accounting Profit vs. Economic Profit. Making “Either- Or” Decisions. Making “How Much” Decisions – The Role of Marginal Analysis. Sunk Costs: Module 17, pp. 231 - 232. Production in the Short Run: Module 20, pp. 262 – 267. The Production Function. Fixed and Variable Inputs . Total Product and Marginal Product. Increasing and Diminishing Marginal ... ................
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