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L1 15 Demand and Supply Analysis: The Firm > l determine the optimal combination of resources that minimizes cost. > Flashcards

l determine the optimal combination of resources that minimizes cost. Flashcards

L1 15 Demand and Supply Analysis: The Firm (16 decks)

C Describe a Firms Factors of Production

D Calc and Interp total, average, marginal, fixed, and variable costs

E Determine and Describe Breakeven and Shutdown Points of Production

F Describe approaches to determining the profit-max level of output

15 G Describe how Economies of Scale and Diseconomies of scale affect costs

H Distinguish between SR and LR profit max

I Distinguish among decreasing-cost, constant-cost, and increasing cost industries and describe the long-run supply of each

J Calculate and Interpret total, marginal, and average product of labor

K,L Describe the phenomenon of DMR and calc and interp profit-max utilization level of an input and optimal cost min combo

a calculate, interpret, and compare accounting profit, economic profit, normal profit, and economic rent;

b calculate and interpret and compare total, average, and marginal revenue;

c describe a firm’s factors of production;

l determine the optimal combination of resources that minimizes cost.

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