1. Explain alternative ways of measuring the productivity of inputs and the role of the manager in the production process.
2. Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs
3. Distinguish between short-run and long-run production decisions and illustrate their impact on costs and economies of scale.
4. Conclude whether a multiple-output production process exhibits economies of scope or cost complementarities and explain their significance for managerial decisions.