Table of Contents
Production & Cost
Total Cost to Society = Social Cost
Private Cost
Negative Externalities
Profits
Normal Profit
Normal Profit
Accounts of the Wheeler Dealer, 1996
Economic Rent
An Example of Economic Rent ...
Why does Madonna’s Baby Produce Economic Rent?
Moving from terms to an important principle ...
The Law of Diminishing Returns
Law of Diminishing Returns (LDR)
Short-Run Relationship Between Furniture Moved & Labor Used
The Law of Diminishing Returns Sets in with Fourth Unit
Increasing Returns
Decreasing Returns
The Law of Diminishing Returns
Without the Law of Diminishing Returns ...
How could we grow the world’s supply of dope in a flower pot?
How does the LDR affect cost?
Marginal Cost & Marginal Product
Short Run Vs. Long Run
The Long Run & Economies of Scale
Economies of Scale
Economies of Scale
Economies of Scale
Greater Division of Labor
Overcoming Indivisibilities
Advantageous Dimensional Relationships
Economies of Massed Reserves
Diseconomies of Scale
Managerial problems
Worker Alienation
Transportation Diseconomies
Internal Economies of Scale
Other Factors May Affect L-R Cost
Other Factors May Affect L-R Cost
Internal & External Economies of Scale ...
Pecuinary Also Affects L-R Cost
Other Factors May Affect L-R Cost
Do Not Confuse . . .
The Family of Short-Run Average Cost Curves
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