{"id":156,"date":"2024-05-29T23:13:12","date_gmt":"2024-05-29T23:13:12","guid":{"rendered":"https:\/\/course.oeru.org\/miec102\/?page_id=156"},"modified":"2024-05-29T23:13:12","modified_gmt":"2024-05-29T23:13:12","slug":"introduction-and-objectives","status":"publish","type":"page","link":"https:\/\/course.oeru.org\/miec102\/learning-pathways\/the-producer\/introduction-and-objectives\/","title":{"rendered":"Introduction and objectives"},"content":{"rendered":"<div id=\"content\" class=\"mw-body container\" role=\"main\">\n<div class=\"row\">\n<div class=\"col-md-12\">\n<div class=\"panel\">\n<div class=\"panel-body\">\n<div id=\"bodyContent\">\n<div id=\"mw-content-text\" lang=\"en\" dir=\"ltr\" class=\"mw-content-ltr\">\n<p>\nHere you will learn about one of the most important economic agents: the producer. The producer (firm) is responsible for creating the production function (output) and is subject to various cost measures as well as the results of diminishing returns. You will explore these ideas more fully as you delve into the relationship between quantity of input and quantity of output. We will discuss how and why a firm&#8217;s costs may differ in the short run versus the long run.\n<\/p>\n<p>\n<\/p>\n<div class=\"panel iDevice\">\n\t<div class=\"panel-heading idevice-heading\">\n\t\t<div>\n\t\t\t<img decoding=\"async\" class=\"pedagogicalicon\" alt=\"objectives\" src=\"https:\/\/course.oeru.org\/miec102\/wp-content\/themes\/oeru_course\/idevices\/Icon_objectives.png\">\n\t\t<\/div>\n\t\t<div>\n\t\t\t<h2>Objectives<\/h2>\n\t\t<\/div>\n\t<\/div>\n\t<div class=\"panel-body\">\n\t\t<div class=\"col-md-12\">\n\t\t\t<\/p>\n<p>Upon successful completion of this unit, you will be able to:\n<\/p>\n<ul>\n<li> analyze the behavior of the producer;\n<\/li>\n<li> compare the costs of production in the short run to costs of production in the long run;\n<\/li>\n<li> identify the production function in the short run as well as the long run; and\n<\/li>\n<li> compute the relationship between different cost functions.\n<\/li>\n<\/ul>\n<p>\n<\/p>\n<p>\n\t\t<\/div>\n\t<\/div>\n<\/div>\n<p><!-- \nNewPP limit report\nCPU time usage: 0.014 seconds\nReal time usage: 0.016 seconds\nPreprocessor visited node count: 111\/1000000\nPreprocessor generated node count: 839\/1000000\nPost\u2010expand include size: 2207\/2097152 bytes\nTemplate argument size: 760\/2097152 bytes\nHighest expansion depth: 7\/40\nExpensive parser function count: 0\/100\n--><\/p>\n<p><!-- Saved in parser cache with key we_en-mw_:pcache:idhash:177010-0!*!*!*!*!2!* and timestamp 20240529231312 and revision id 1003558\n -->\n<\/div>\n<div class=\"visualClear\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col-md-12\">\n<ul class=\"pager\">\n<li class=\"previous\">\n            <a href=\"\/miec102\/learning-pathways\/the-consumer\/review\">\u2190 Previous<\/a>\n          <\/li>\n<li class=\"next\">\n            <a href=\"\/miec102\/learning-pathways\/the-producer\/the-short-run\">Next \u2192<\/a>\n          <\/li>\n<\/ul><\/div>\n<\/p><\/div>\n<div id=\"wenote-ids\"><script type='text\/javascript' id='wenotes-ids'>\n    var WEnotesSite = \"https:\/\/wikieducator.org\";\n    var WEnotesPath = \"\/Microeconomics_production_and_consumption\/Producer\";\n    var WEnotesSiteID = \"0e3d258fbd36841f92259eefcd41d5e9\";\n    var WEnotesPathID = \"0832babadf9287d55bc499a09f8cc81f\";\n    var WEnotesIDs = { site: \"https:\/\/wikieducator.org\", path: \"\/Microeconomics_production_and_consumption\/Producer\", site_id: \"0e3d258fbd36841f92259eefcd41d5e9\", path_id: \"0832babadf9287d55bc499a09f8cc81f\" };\n<\/script><\/div>\n<\/div>\n<footer><\/footer>\n","protected":false},"excerpt":{"rendered":"<p>Here you will learn about one of the most important economic agents: the producer. The producer (firm) is responsible for creating the production function (output) and is subject to various cost measures as well as the results of diminishing returns. You will explore these ideas more fully as you delve into the relationship between quantity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":154,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-156","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages\/156","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/comments?post=156"}],"version-history":[{"count":1,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages\/156\/revisions"}],"predecessor-version":[{"id":157,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages\/156\/revisions\/157"}],"up":[{"embeddable":true,"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/pages\/154"}],"wp:attachment":[{"href":"https:\/\/course.oeru.org\/miec102\/wp-json\/wp\/v2\/media?parent=156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}