This is a class question that needs to be answer with at least 150 words. I would like it explain in your own words, but if not please cite-in-text with reference. No Plagiarism
Good, in economics we refer to the idea of making money as profits. Profits for any firm is based on several components such as price, costs of production, costs of inputs, the process of converting inputs to production, and so on. What we study here is how all these components come together within the context of a profit maximizing firm.
Discuss the relationships and properties of cost measures Total Cost, Average Cost, Marginal Cost and Variable cost, etc. How important are these cost measures in production decisions. How does productivity and cost curves compare? If possible give some real-world examples from your workplace or from a familiar industry.
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