Hank 瀚克

LOS 14.f: Describe how economies of scale and diseconomies of scale affect costs.

While plant is fixed in the short run, in the long run, firms can choose their most profitable scale of operations.

LOS 14.e: Determine and interpret breakeven and shutdown points of production.

We define the short run for a firm as the time period over which some factors of production are fixed.

LOS 14.d: Describe the phenomenon of diminishing marginal returns.

Factors of production (生產要素) are the resources a firm uses to generate output. Include:

Module 14.2: Demand and Supply

LOS 14.b: Compare substitution and income effects.

CFA筆記整理

Economics