ECON MICRO (with ECON MICRO Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
5th Edition
ISBN: 9781305631946
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 3, Problem 1.4P
To determine
The assumed objectives of the households, firms, and the government in economic analysis.
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In economics, the cost of producing a good:
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is the maximum value of other goods that could have been produced using the same resources.
equals the out-of-pocket costs incurred in producing the good.
is the value of inputs used up in production.
is the value of other goods that could have been produced using the same resources.
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Chapter 3 Solutions
ECON MICRO (with ECON MICRO Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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