Chapter 20 - "The Costs of Production"

Economic Costs
  • Explicit and implicit costs
  • Normal profit as a cost
  • Economic profit (pure profit)
  • Short-run and long-run costs
    • fixed plant
    • variable plant

Short-run Production Relationships
  • Law of Diminishing Returns
    • rationale
    • graphical portrayal

Short-run Production Costs
  • Fixed, variable and total costs
  • Per-unit, or average costs
    • AFC
    • AVC
    • ATC
  • Marginal Cost
    • calculations
    • marginal decisions
    • graphical portrayal
    • MC and MP
    • relation of MC to AVC and ATC
  • Shifts of the cost curves

Long-run Production Costs
  • Firm size and costs
  • The long-run cost curve
  • Economies and diseconomies of scale
  • Minimum efficient scale and industry structure



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