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Production and Cost Analysis
This week, you will be introduced to short-run production and cost and long-run production costs. In the short-run, all production functions incur diminishing returns when variable inputs are used relative to at least one fixed input, reducing the additional amounts of the output being produced. In the long-run, managers need to make decisions regarding strategies to minimize the costs of production when the scale of production is also variable.
Module Outcomes: B, C, & D.
Videos/Articles1. Video: Relationships between a Firm's Short-run Costs of Production 2. Video: Micro - Short Run Production Costs3. Video: The Short Run versus The Long Run4. Long run cost analysis5. Short nut costs analysis
Discussion:Is it true that in a short-run production process, the marginal cost curve eventually slopes upward because firms have to pay workers a higher wage rate as they produce more output? Explain your answer.
Attachment:- Videos and Articles.rar
Verified Expert
This assignment is based on economics theory of production. The question asked is whether it is true that in shot run production function the marginal cost curve eventually slope upward because firms have to pay workers a higher wage rate as they produce more output. Correct explanation for upward sloping marginal cost curve is the law of diminishing return. Yes it is true that firms will have to pay higher wages to hire more labors to increase the production. This will result in increase in total cost of production and upward slop of marginal cost curve. But the actual reason for upward sloping marginal cost curve in the short run is diminishing marginal product.
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