Ais often called a book of original entry and contains a chronological record of the transactions of a business. before a transaction can be entered in this book of original entry, its effects on the business must be determined and encoded in terms of and

In the short-run, marginal costs are equal to the change in variable costs as output changes. ( mc = change in variable cost / change in quantity) assume that capital is fixed in the short-run. (a) start with the equation for marginal cost and derive an equation that relates marginal cost of production to the cost and productivity of labor. (b) draw a standard looking short-run marginal cost curve and use the equation you derived to explain its shape.