Economics class notes
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mar2-cost-production.md 554B

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  1. # March 2 - Cost of Production
  2. ## Fixed vs Variable Cost
  3. - Fixed Costs always have to be payed
  4. - Yearly salary
  5. - Variable cost changes
  6. - Hourly paycheck rate
  7. - Total Cost -- fixed plus variable cost
  8. - Cost minimization -- the combination of spending that costs the least
  9. - Marginal cost -- cost of doing something again
  10. - marginal costs total minus output
  11. ## Profit Maximizing
  12. - Output that gives as much profit as possible
  13. - Marginal revenue -- additional revenue of another unit of output
  14. - When should a company go out of Business?