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Chap 11 eco

Steve owns a bike store if he decided to expand the size of the store so that he could sell more bikes how would he know if he is experiencing economies of scale in the long run
His long-run average cost of selling each bike decreases
An explicit cost for a business manufactures bicycles would be the
Wages paid to employees
In the short run the cost of _____ is the variable whereas the cost of _____ is fixed
Labor; capital
Marginal product is the change in
Total output divided by the change in input
Assume that a firm hires an additional employee if the marginal product for that employee is greater than the previous employee hired it must be because
There are gains from specialization
A firms economic profit is always less then it’s accounting profit because
Economic profit considers implicit costs which accounting profit does not
The three primary factors of production are
land, labor, and capital
If a firm hired another worker in her marginal product of labor is positive we know that the firms total output is
Is the firm wants to cut it’s costing her more efficient production we should assume that the firm is trying to
Increase its profits

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