Assignment on managerial economics

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Managerial Economics

1. What are the production costs?

2. How can firms measure their productivity using isocosts and isoquants?

3. How do costs affect productivity in the short run?

4. What are the three (3) phases of production in the long run?

5. Differentiate market in the short run and in the long run.

6. Explain the law of diminishing marginal substitution using a real-life example.

Reference no: EM133066121

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