5.2and5.3 by Stacey Branscumb Jr https://padlet.com/5318371/1363zfxi0imk Made with big dreams en-us 2019-03-06 14:42:10 UTC 2019-03-06 14:48:38 UTC hello@padlet.com The Production Period 5318371 https://padlet.com/5318371/1363zfxi0imk/wish/338398701 - economics focus on the short run
- the quantities of all productive resources take place in the long run. ]]> 2019-03-06 14:42:59 UTC https://padlet.com/5318371/1363zfxi0imk/wish/338398701 Three Stages 5318371 https://padlet.com/5318371/1363zfxi0imk/wish/338399458 1. the phase in which marginal product of each additional worker increases.
2. the toal production keeps growing
3. hiring too may workers means getting in each others way.]]> 2019-03-06 14:44:04 UTC https://padlet.com/5318371/1363zfxi0imk/wish/338399458 Marginal Product 5318371 https://padlet.com/5318371/1363zfxi0imk/wish/338400182 - Marginal product is the extra output or change in total product caused by adding one more unit of variable input. ]]> 2019-03-06 14:45:17 UTC https://padlet.com/5318371/1363zfxi0imk/wish/338400182 Fixed Costs 5318371 https://padlet.com/5318371/1363zfxi0imk/wish/338400799 the cost than an organization incurs even if there is little or no activity.]]> 2019-03-06 14:46:16 UTC https://padlet.com/5318371/1363zfxi0imk/wish/338400799 Variable Costs 5318371 https://padlet.com/5318371/1363zfxi0imk/wish/338401114 Costs that change when the business rates of operation or output changes. ]]> 2019-03-06 14:46:50 UTC https://padlet.com/5318371/1363zfxi0imk/wish/338401114 Total Costs 5318371 https://padlet.com/5318371/1363zfxi0imk/wish/338401465 the sum of the fixed and variable costs]]> 2019-03-06 14:47:17 UTC https://padlet.com/5318371/1363zfxi0imk/wish/338401465 Costs and Business Operation 5318371 https://padlet.com/5318371/1363zfxi0imk/wish/338401650 E-Commerce: an electronic business conducted over the internet does not need to spend large sum of money to rent buildings. ]]> 2019-03-06 14:47:37 UTC https://padlet.com/5318371/1363zfxi0imk/wish/338401650 Break-Even Point 5318371 https://padlet.com/5318371/1363zfxi0imk/wish/338402005 Generates just enough revenue to cover its total operating costs.]]> 2019-03-06 14:48:11 UTC https://padlet.com/5318371/1363zfxi0imk/wish/338402005