Businesses and the Costs of Production

Here are the instructions:

  • Review the narrated lecture on Business and the Cost of Production http://lectures.mhhe.com/narrated_slides/0078021758/chapter09/presentation_html5.html
  • Review the concept of Economic Profit in the textbook (picture of the section attached)
  • Review the Khan Videos

https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/economic-profit-tutorial/v/economic-profit-vs-accounting-profit

http://www.khanacademy.org/finance-economics/microeconomics/v/depreciation-and-opportunity-cost-of-capital

http://www.khanacademy.org/finance-economics/microeconomics/v/fixed–variable–and-marginal-cost

http://www.khanacademy.org/finance-economics/microeconomics/v/visualizing-average-costs-and-marginal-costs-as-slope

http://www.khanacademy.org/finance-economics/microeconomics/v/marginal-cost-and-average-total-cost

ASSIGNMENT

1. Explain why economic costs include both explicit costs and implicit costs.

2. Explain the concept of opportunity cost as related to the doctor in the Khan Academy video who gave up his profession to open a business.

3. What other factors do you think the doctor may have considered when he decided to leave his profession to open a business?

Do not forget reference page with credible resources

 

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