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March 2 - Cost of Production
Fixed vs Variable Cost
Fixed Costs always have to be payed
Variable cost changes
Total Cost -- fixed plus variable cost
Cost minimization -- the combination of spending that costs the least
Marginal cost -- cost of doing something again
- marginal costs total minus output
- Output that gives as much profit as possible
- Marginal revenue -- additional revenue of another unit of output
- When should a company go out of Business?