Costs of production By Daniel and Isaiah C.

Costs of production By Daniel and Isaiah C.
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  • Marginal Product of Labor
  • I can finally do more sell more candy now that Lucy is working for me
  • Specialization
  • Work is much better now that Lucy is making me lollipops
  • Increasing and Diminishing Marginal returns  
  • Business is perfect
  • With Jack and Lucy my profits are falling
  • The change in amount produced by adding one or more workers
  • Fixed cost and Variable cost
  • Now that the store is closed we can turn off the lights.
  • Hiring a worker to focus on a specific area of productin
  • Total cost
  • The wages  for the workers this month was $300 and the fixed cost for this month was $1000 so the total cost is $1300.
  • Increasing-With each new worker out put is increased. Diminishing-With each new worker output is increased at a decreasing rate.
  • Marginal cost
  • Fixed cost-Expenses a business must pay no matter what Example:Electricity Variable cost-Expenses that vary from a little to a lot Example:Wages paided to workers
  • I will pay Lucy 15 dollars an hour instead of minimum wage.
  • The sum of variable and fixed cost.
  • The cost of producing one more unit of a production.
  • To open this new candy shop downtown it will cost $700
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