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ECON 201 Chapter 9 - Technology-Production-And Costs

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Sandra Watson
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any cost that remains unchanged as output changes represents a​ firm’s

University of Regina

Introductory Microeconomics (ECON 201)

Chapter 9 Technology, Production, and Costs
Isocost: all the combinations of two inputs, such as capital and labour, that have
the same total cost
Concept of Technology
o The process that you’re using to turn inputs into outputs
o Goods and services
o Change in technology changes your ability to make inputs into outputs
o Being able to change level of output while using the same amount of
inputs
o Short run one input is fixed can’t change it
o Long run all variables can be fixed you can change everything and
everything is flexible

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ECON 201 Chapter 9 - Technology-Production-And Costs

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