Businesses and the Costs of Production
Here are the instructions:
Review the narrated lecture on Business and the Cost of Production http://lectures.mhhe.com/narrated_slides/0078021758/chapter09/presentation_html5.html
Review the concept of Economic Profit in the textbook (picture of the section attached)
Review the Khan Videos
https://www.khanacademy.org/economics-finance-domain/microeconomics/firm-economic-profit/economic-profit-tutorial/v/economic-profit-vs-accounting-profit
http://www.khanacademy.org/finance-economics/microeconomics/v/depreciation-and-opportunity-cost-of-capital
http://www.khanacademy.org/finance-economics/microeconomics/v/fixed–variable–and-marginal-cost
http://www.khanacademy.org/finance-economics/microeconomics/v/visualizing-average-costs-and-marginal-costs-as-slope
http://www.khanacademy.org/finance-economics/microeconomics/v/marginal-cost-and-average-total-cost
ASSIGNMENT
1. Explain why economic costs include both explicit costs and implicit costs.
2. Explain the concept of opportunity cost as related to the doctor in the Khan Academy video who gave up his profession to open a business.
3. What other factors do you think the doctor may have considered when he decided to leave his profession to open a business?
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