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Three Decisions That All Firms Must Make
Three Decisions That All Firms Must Make
- How much output to supply
- Which production technology to use
- How much of each input to demand
Behavior of Profit-Maximizing Firms
Behavior of Profit-Maximizing Firms
The Behavior of Profit-Maximizing Firms
Understand the importance of opportunity costs to economic profits and how these profits feed into firm decision making.
The Production Process
Be able to describe how total, marginal, and average products relate to one another.
Choice of Technology
Discuss the factors that firms consider when choosing among production techniques.
Shifts in Supply Scenarios
Shifts in Supply Scenarios
Given below is the production scenario of eggs in the market.
Supplier A has a poultry farm and he is selling 100 eggs everyday. Find out what will happen to the supply curve in the following cases?
1. There is a spread of diseases among the hens
2. There is a subsidy that Government announced for production of eggs
3. There is an increase in the import of eggs from other countries.
1. Shifting of supply curve to the left due to the disease.