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Laurence Miners

In: 21st Century Economics: A Reference Handbook

Chapter 10: Costs of Production: Short Run and Long Run

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Costs of Production: Short Run and Long Run
Costs of production: Short run and long run

When most people other than economists think of costs, they may logically think about their household budget and the cost of heating their home or the cost of sending a daughter or son to college. Economists, however, are more apt to talk about the prices of these items and consider how households allocate a finite income to meet family needs. When economists consider costs, they refer most often to the production decisions of firms—what and how much they decide to produce, how they produce it, and how much it costs. The usual free-market assumption of profit-maximizing behavior by firms is not necessary for this discussion. All firms, from small local ...

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