Discuss a firms objective relative to its economic cost

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1. Many of the things discussed in these first chapters implied rational behavior by consumers; in fact economics analysis depends on it. Does this application suggest that consumers do not always act rationally? If not, how do we make economic judgments?

2. Discuss a firm's objective relative to its economic cost. Describe each of the firm's economic cost, and whether these would be considered explicit or implicit. What is the difference between an economic profit and an accounting profit, give an example?

3. Discuss the difference between diseconomies of scale and diminishing returns. Based on the cost curves you have seen in this chapter, which is more likely in businesses?

Reference no: EM13223967

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