Problem 1: Why are Managerial Economics and Production Functions important?
Problem 2: How do that economic issue affects the industries and society? How do firms compete to make profit?
Problem 3: How can we help to alleviate that issue or and idea to function more efficiently with:
- Relevant and Irrelevant Costs
- Law of Diminishing Returns (AVC/AFC)
- Firm Short run Production Function and Short run Cost (MP&MC)
- Distinction between Short run and Long run in Economic