https://padlet.com/525179/pj5t0vyxeezs By Megan Neubecker en-us 2018-10-02 13:42:05 UTC 2024-08-23 06:18:07 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Diskette.png 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/288116175 When economists analyze production, they focus on the short run; a period so brief that only the amount of the variable input can be changed. Other changes take place in the long run, a period long enough for the firm to adjust the quantities of all productive resources, including capital. ]]> 2018-10-02 13:46:09 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/288116175 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/288606614 The total product is the total output produced by the firm. This is a short term relationship because the figure assumes that only the amount of labor varies while the amount of labor varies while the amount of other resources used remains unchanged. ]]> 2018-10-03 13:28:15 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/288606614 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/288613828 The extra output or change in total product caused by adding one more unit of variable unit. The sum of the marginal products is equal to the total product. Three stages of production: increasing returns, diminishing returns, and negative returns. ]]> 2018-10-03 13:38:18 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/288613828 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/288619181 The phase in which the marginal product of each additional worker increases. When more workers are added they can cooperate with each other to make better use of their equipment. ]]> 2018-10-03 13:45:10 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/288619181 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/288625112 Total production keeps growing, but it does so by smaller and smaller amounts. Each additional worker is making a positive and contributing to the total output. Diminishing returns- the stage where output increases at a diminishing rate as more variable inputs are added.]]> 2018-10-03 13:51:33 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/288625112 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/288625195 If too many workers are added, they will get in each others way and cause output to fall. ]]> 2018-10-03 13:51:39 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/288625195 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422305 The costs that an organization incurs even if there is little or no activity. Total fixed costs sometimes remain the same or are called overhead. Fixed costs include depreciation.]]> 2018-10-04 23:59:06 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422305 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422473 Costs that change when the business's rate of operation or output changes. For most businesses, the largest variable cost is labor.]]> 2018-10-05 00:00:36 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422473 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422631 This shows the total cost of production, which is the sum of the fixed and variable costs. ]]> 2018-10-05 00:01:51 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422631 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422806 The extra cost incurred when producing one more unit of input. Marginal cost is more useful than total cost because it helps us with profit maximization.]]> 2018-10-05 00:03:13 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422806 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422838 Many stores are flocking to the internet, making it one of the fastest-growing areas of businesses today. People engaged in e-commerce- an electronic business conducted over the internet- do not need to spend a large sum of money to rent a building and stock it with inventory.]]> 2018-10-05 00:03:29 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422838 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422857 When a business knows about its costs, it can find the level of production that generates just enough revenue to cover its total operating costs. This is called the break-even point. However, it only tells the firm how much it has to produce to cover its costs.]]> 2018-10-05 00:03:38 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422857 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422887 All the revenue that a business receives. ]]> 2018-10-05 00:03:53 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422887 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422902 A type of decision making that compares the extra benefits of an action to the extra costs of taking the action. ]]> 2018-10-05 00:04:01 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422902 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422923 A type of decision making that compares the extra benefits of an action to the extra costs of taking the action. ]]> 2018-10-05 00:04:11 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422923 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289422944 Having a made profit with the sixth worker, the business would hire the seventh and eighth workers for the same reason. The profit-maximizing quantity of output is reached when marginal cost and marginal revenue are equal.]]> 2018-10-05 00:04:19 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289422944 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289579763 2018-10-05 12:48:36 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289579763 525179 https://padlet.com/525179/pj5t0vyxeezs/wish/289580137 https://study.com/academy/lesson/marginal-analysis-in-economics-definition-formula-examples.html#lesson]]> 2018-10-05 12:49:26 UTC https://padlet.com/525179/pj5t0vyxeezs/wish/289580137