Econ CH 11 - Technology, production, costs

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5 Terms

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Technology

process used to turn inputs into outputs

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Technological change

change in ability of a firm to produce either more output with the same inputs or less

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Short run

period where at least one input is fixed

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Long run

all inputs are variable, adopt new technology, increase or decrease size 

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if marginal product is rising

marginal cost of output is falling