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by: Kaylee Wakai

Production ECON 221

Kaylee Wakai

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About this Document

These notes cover production and calculating marginal cost and marginal benefit
Principles of Microeconomics
Elizabeth Watson
Class Notes
Economics, Econ, Microeconomics, Marginal Benefit, marginal cost
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This 2 page Class Notes was uploaded by Kaylee Wakai on Monday October 10, 2016. The Class Notes belongs to ECON 221 at University of South Carolina taught by Elizabeth Watson in Fall 2016. Since its upload, it has received 48 views.


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Date Created: 10/10/16
HowtoProduce? AllocatingResourcesEfficiently  Therearemanydifferentproductionmethods,which  Needtodeterminewhichproductsareworth onesdoweuseforwhichproducts? producing  Efficientmeanswedon’twasteresources;  Marginalcostofproduction:Whatwemust weproduceatthelowestpossiblecost giveupforonemoreunit  Marginalbenefitof production: What weare ForWhomtoProduce? willingtogiveupforonemoreunit  Limitedresources meanslimitedgoods;wecan’tgive everybodyeverythingsohowdowedecidewhogets CalculatingMarginalCostandMarginalBenefit what?  Formarginalcostusetheproductionpossibilitycurve  Efficientmeanswegetthegoodstothe  Formarginalbenefitweneedtothinkaboutwhat peoplewhovaluethemthemost valuepeopleplaceonadditionalunits .  Lawofdiminishingmarginalbenefit:Asthe WhattoProduce? consumptionofaproductincreases,the  Producingonethingmeanswemustgiveupthe marginalutilityofthatproduct decreasesfor productionofsomethingelse eachadditionalunit  Therearelotsofresourceswithvarioususes Howmanytextbookswe  Efficient meansweproducethethingsthat giveup areworthit MC Answering“WhattoProduce?  Whatispossibletoproduce?  Whatispossiblemeanswhatwearecapableof producingnotwhatwewouldliketoproduce  Assumethefollowing:  Simpleeconomywithonlytwogoods  Factors ofproductionarefixed Howmanynovelswegive  Methodsofproductionarefixed up Howmanytextbookswe  ItisNOTpossibletoproduceoutsideofthe giveup productionpossibility curve  Atapointinsidethecurvewehaveeitherunusedor misallocatedresources Textbooks A  Notpossible  Efficient(Possible) MB A. Allresourcesare usedtomake Howmanynovelswegive textbooks up  Inefficient B. Allresourcesare Factors ofChangefortheMarginalCostCurve (Possible) usedtomakenovels B  Technology Novels  Disaster  Newresources  Governmentrulesandregulations Factors ofChangefortheMarginalBenefitCurve  Disaster  Technology  TasteandPreferences MC 120 MC2 Worthproducing NotWorthproducing MB 100 N* N2* (300)


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