Production Economics: In the Short Run Short Run Production Functions: Max output, from a n y set of inputs Q = f ( X1, X2, X3, X4, ... ) FIXED IN SR VARIABLE IN SR _ Ó1999 South-Western College Publishing Q = f ( K, L) for two input case, where K as Fixed Average ...
Theory of the Firm Profit Measurement Why Do Profits Vary among Firms? Role of Business in Society Structure of this Text Chapter 1 KEY CONCEPTS managerial economics theory of the firm expected value maximization value of the firm present value optimize satisfice business profit normal rate of retur...