Production and Cost Analysis
This week, you will be introduced to short-run production and cost and long-run production costs. In the short-run, all production functions incur diminishing returns when variable inputs are used relative to at least one fixed input, reducing the additional amounts of the output being produced. In the long-run, managers need to make decisions regarding strategies to minimize the costs of production when the scale of production is also variable.
Module Outcomes: B, C, & D.
Videos/Articles
1. Video: Relationships between a Firm's Short-run Costs of Production
2. Video: Micro - Short Run Production Costs
3. Video: The Short Run versus The Long Run
4. Long run cost analysis
5. Short nut costs analysis
Discussion:
Is it true that in a short-run production process, the marginal cost curve eventually slopes upward because firms have to pay workers a higher wage rate as they produce more output? Explain your answer.
Attachment:- Videos and Articles.rar