Chapter 5 section 2 and 3 by Loghan Baushke https://padlet.com/504043/qzmkcn94lixv Main ideas from chapter 5 section 2 and 3 en-us 2018-10-03 13:05:36 UTC 2019-02-28 15:49:42 UTC hello@padlet.com The Production Function 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288595825 Production function-a figure that shows how total output changes when the amount of a single variable input changes while all the other inputs are held constant]]> 2018-10-03 13:13:09 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288595825 The Production Period 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288598090 Short run- a period so brief that only the amount of variable input can be changed
Long run- a period long enough for the firm to adjust to the quantities of all productive resources, including capital]]> 2018-10-03 13:16:29 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288598090 Total Product 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288598587 Total product-the total output produced by the firm ]]> 2018-10-03 13:17:12 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288598587 Marginal Product 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288598893 Marginal product-the extra output or change in total product caused by adding one more unit of variable input ]]> 2018-10-03 13:17:37 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288598893 Stages of Production 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288603309 Stages of production-increasing returns, diminishing returns, and negative ]]> 2018-10-03 13:23:51 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288603309 Stage 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288603325 2018-10-03 13:23:53 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288603325 Stage 1-Increasing Marginal Returns 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288605378 Stage 1-Increasing Marginal Returns]]> 2018-10-03 13:26:32 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288605378 Stage 2-Decreasing Marginal Returns 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288607585 Stage 2 of production-the total production keeps growing, but it does so by smaller and smaller amounts
Diminishing returns-the stage where output increases at a diminishing rate as more variable inputs are added]]> 2018-10-03 13:29:38 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288607585 Stage 3-negative Marginal Returns 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288609792 Stage 3 of production-where the marginal product of additional workers are negative]]> 2018-10-03 13:32:35 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288609792 Measures of Cost 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288611216 Because businesses want to produce efficiently, they must keep an eye on their costs]]> 2018-10-03 13:34:36 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288611216 Fixed Cost 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288612257 Fixed costs-the costs that an organization incurs even if there is little or no activity
Overhead-total fixed costs]]> 2018-10-03 13:36:03 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288612257 Variable Costs 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288613544 Variable costs-costs that change when the business's rate of operation or output changes]]> 2018-10-03 13:37:51 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288613544 Total Cost 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288615076 Total cost-which is the sum of the fixed and variable costs]]> 2018-10-03 13:40:11 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288615076 Applying Cost 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288617033 2018-10-03 13:42:56 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288617033 Applying Cost Principles 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288617099 2018-10-03 13:43:01 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288617099 Applying Cost Principles 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288617234 The]]> 2018-10-03 13:43:09 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288617234 Applying Cost Principles 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288617286 The types of cost a firm faces may affect the way it operates]]> 2018-10-03 13:43:13 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288617286 Applying Cost Principles 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288617335
  • The types of cost
    • ]]>     2018-10-03 13:43:16 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288617335     Costs 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288618347 2018-10-03 13:44:23 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288618347 Costs and Bus 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288618391 E-commerce- an electronic business conducted over Internet]]> 2018-10-03 13:44:26 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288618391 Break-Even Point 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288620193 break-even point-when a business can find the level of production that generates just enough revenue to cover its total operating costs.]]> 2018-10-03 13:46:10 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288620193 Marginal Analysis and Profit Maximization 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288623192 The marginal revenue is compared to marginal cost to find the optimal level of production]]> 2018-10-03 13:49:28 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288623192 Total Revenue 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288625853 Total revenue-all the revenue that business receives]]> 2018-10-03 13:52:20 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288625853 Marginal Revenue 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288627003 Marginal revenue-the extra revenue a business receives from production and sale of one additional unit of output ]]> 2018-10-03 13:53:47 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288627003 Marginal Analysis 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288629017 Marginal analysis-a type of decision making that compares the extra benefits of an action to the extra costs of taking the action]]> 2018-10-03 13:56:15 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288629017 Profit Maximization 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288632473 Profit-maximizing quantity of output- reached when marginal costs and mariganl revenue are equal]]> 2018-10-03 13:59:53 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288632473 Profit 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288632626 2018-10-03 14:00:01 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288632626 Pro 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288633025 2018-10-03 14:00:22 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288633025 Profit Max 504043 https://padlet.com/504043/qzmkcn94lixv/wish/288633221 2018-10-03 14:00:33 UTC https://padlet.com/504043/qzmkcn94lixv/wish/288633221