Microeconomics I partie 4/9
Fiches de révisions
Fiches de révisions
Fixed costs. quasi fixed costs, sunk costs
Fixed costs are costs associated with the fixed factors, i.e. independent of the level of output, must be paid whether or not the firm produces
Quasi-fixed costs are costs that are also independent of the level of output, but only need to be paid if the firm produces a positive amount of output
Sunk costs are non recoverable costs
Short-run and long-run cost minimization diagram
Link between long-run and short-run cost function
Output expansion path
Income expansion path
Utility maximization VS cost minimization
Isocost line
Cost minimization problem
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Flashcards
Fixed costs. quasi fixed costs, sunk costs
Fixed costs are costs associated with the fixed factors, i.e. independent of the level of output, must be paid whether or not the firm produces
Quasi-fixed costs are costs that are also independent of the level of output, but only need to be paid if the firm produces a positive amount of output
Sunk costs are non recoverable costs
Short-run and long-run cost minimization diagram
Link between long-run and short-run cost function
Output expansion path
Income expansion path
Utility maximization VS cost minimization
Isocost line
Cost minimization problem
