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Criado por Haruna Heima
quase 7 anos atrás
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TUEDAY marginal cost = change in TC/change inQ change in Q = MP fixed + Variable = total cost Marginal revenue is the benefit from one additional unit MR=MC is maximum
THURSDAY AFC (FC/Q), AVC (VC/Q), ATC (TC/Q) helps to put in a graph
AFC is always decreasing MC will always eventually increase because of the law of diminishing marginal returns AVC and ATC will start to increase because MC will eventually be higher than the the average and drag it up MC intersects AVC and ATC at their minimum points
LONG RUN price of labor = w (wage) price of capital = r (rent) optimal ratio of labor and capital is MPL/w = MPK/r additional production from spending $1 on labor is equal to the additional production from spending $1 on capital --> similar equation to maximizing utility equation, this is the firm version if not equal, spend more money on the side with a higher number and spend less on the side with smaller number
FIXED COST vs. SUNK COST Fixed cost: cost that don't depend on quantity of output rent, salaries Sunk costs: cost that has already occurred and cannot be changed or recovered last year's rent SUNK COSTS SHOULDN"T AFFECT OUR DECISION
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