Ebook Economics today (16E): Part 2
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Ebook Economics today (16E): Part 2
The Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most med Ebook Economics today (16E): Part 2dia reports have suggested that concerns about safety and waste disposal have prevented energy firms from constructing additional nuclear power plants. In fact, the economics of electricity generation has probably been more important in dissuading electric companies from building more nuclear plants Ebook Economics today (16E): Part 2. During the late 1990s and the 2000s, energy firms found lower-cost ways of generating additional electricity using traditional power plants. Hence,Ebook Economics today (16E): Part 2
they had less incentive to undertake the significant expenditures required to build nuclear plants. In contrast, recent technological developments in The Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most med Ebook Economics today (16E): Part 2ou must first study production and cost concepts covered in this chapter.uss the difference between the short run and the long run from the perspective of a firm►Understand why the marginal physical product of labor eventua Ebook Economics today (16E): Part 2lly declines as more units of labor are employed►Explain the short-run cost curves a typical firm faces►Describe the long-run cost curves a typical fiEbook Economics today (16E): Part 2
rm faces►Identify situations of economies and diseconomies of scale and define a firm’s minimum efficient scale'BweconlobjMyEconLab helps you master eThe Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most med Ebook Economics today (16E): Part 2owThatiShort ranTrie trr» period during which 3t teiit one input, such as plant sire, cannot be changed.Plant sizeThe physical size of the factories that a firm owns a.'d operates to produce Its output Ptant size can be defined by square kctage. maiimum physical capacity, irtj other physical measure Ebook Economics today (16E): Part 2s.Long runThe time penod dunng which al factors of production can be wortthe average single-item cash register receipt Iras grown more than 2 inches lEbook Economics today (16E): Part 2
onger since 1990? This has happened because most retailers now print additional information on receipts, such as savings from use of reward cards, disThe Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most med Ebook Economics today (16E): Part 2ny companies have determined that they can save hundreds of dollars per store each year if tfiey reduce the amount of paper devoted to receipts.Wal-Mart is testing two-sided receipts, and CVS is using loyalty cards that track customer information instead of printing the data on physical receipts. Lo Ebook Economics today (16E): Part 2we's has made itsreceipts wider to allow for S6 characters per line instead of 38 characters, deleted all white space Ề at the top and bottom of receiEbook Economics today (16E): Part 2
pts, and put Its return policy on the back—all in an effort to useless paper and reduce costs. Some retailers, such as Apple, hope to eliminate the exThe Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most med Ebook Economics today (16E): Part 2ses? To understand the answer to this question, you must leam about the nature of the costs that firms incur in their productive endeavors, which in turn requires contemplating how firms employ inputs in the production of goods and services.This chapter considers each of these important topics.Short Ebook Economics today (16E): Part 2 Run versus Long RunIn Chapter 19, we discussed short-run and long-run price elasticities of supply and demand. .As you will recall, for consumers, thEbook Economics today (16E): Part 2
e long run means the time period during which all adjustments to a change in price can be made, and anything shorter than that is considered the shortThe Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most med Ebook Economics today (16E): Part 2iscussing firms only, we will maintain a similar distinction between the short and the long run, but we will be more specific.The Short RunIn the theory of the firm, the short run is defined as any time period that is so short that there is at least one input, such as current plant size, that the fi Ebook Economics today (16E): Part 2rm cannot alter. In other words, during the short run, a firm makes do with whatever big machines and factory size it already has, no matter how muchEbook Economics today (16E): Part 2
more it wants to produce because of increased demand for its product. We consider the plant and heavy equipment, the size or amount of which cannot beThe Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most med Ebook Economics today (16E): Part 2 resources that the firm can alter when it wants to change its rate of production. These arc called variable inputs or variable factors of production. Typically, the variable inputs of a firm are its labor and its purchases of raw materials. In the short run, in response to changes in demand, the fi Ebook Economics today (16E): Part 2rm can, by definition, change only the amounts of its variable inputs.The Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most medThe Firm: Cost and OutputDeterminationThe last commercial nuclear reactor plant built in the United States was completed in 1996. Since then, most medGọi ngay
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