1. What different ways could we look at costs and conceptualize costs as they relate to a firm?
2. Why do costs matter to your firm? How can we employ an understanding of costs to optimally manage our firm?
3. You are the manager of a firm producing computers. How do you decide how many computers to produce for sale? Use a fully labeled economic model and a brief explanation to justify your thinking.
4. Two scenarios. First, you purchased a ticket to go to a concert for $20. When you arrive at the venue, you realize you lost your ticket. Would you purchase another one? Second, you are going to a concert that costs $20 and didnt purchase a ticket. When you arrive at the venue, you realize you lost $20. Would you still purchase the ticket? Discuss and explain