Piece wise linear functions: The parking costs in a city garage are $2.00 for the first half hour and $ 1.00 for each additional half hour. Graph the fun?ctio ? n? = ?f(?t) that gives the cost of park?ing for ? hours, wh?ere 0 ? t? ? 3.
ECON 201 Chapter 13 Notes: The Costs of Production The Law of Supply is all you need to know about firm behavior. Part of economics called: industrial organization- the study of how firm’s decisions about prices and quantities depend on the market conditions they face. What are Costs Total Revenue, Total Cost, and Profit: The amount that the firm receives for the sale of its output is called its total revenue. The amount that the firm pays to buy inputs is called its total cost. Profit is a firm’s total revenue – its total cost. Measuring total revenue= Q times P. Costs as Opportunity Costs: It is important to keep in mind one of the Ten Principles of Economics- opportunity cost- refers to all those things that must be forgone to acquire that item. Explicit costs- input costs that r