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ECS1501-25-Y Topics 12 -15
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The basic reason for the rising part of the short-run marginal cost curve is the declining part of the marginal product curve which, in turn, is the result of the law of diminishing returns.
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Implicit costs are those costs which are not reflected in monetary payments, such as the salary a person gives up in order to start his/her own business.
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The law of diminishing marginal return applies to the short run only (ie to a situation in which at least one of the firm's inputs is fixed).
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If marginal product is less than average product, average product falls.
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Both product curves and cost curves are based on the law of diminishing returns.
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Total cost is the additional cost of producing an extra unit of output.
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Total fixed cost changes as output changes.
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Marginal cost reaches a minimum at a lower level of output than average cost does.
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Marginal product reaches a maximum at a lower level of output than average product does.
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The concept of consumer equilibrium is based on which utility theory?
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