ONLINECO 

Chapter 13. The Costs of Production. Gregory Mankiw. Principles of Economics. 7th edition

What Are Costs?

-Costs as Opportunity Costs

-The cost of capital as an Opportunity Cost

-Economic Profit versus Accounting Profit Production and Costs

– The Production Function

– From the Production Function to the Total

-Cost Curve

-Fixed and Variable Costs The Various Measures of Cost

-Average

-Average and Marginal Cost.

-Cost curves and their shapes

-Typical Cost Curves Costs in the Short Run and in the Long Run-The Relationship between Short-Run and Long-Run Average Total Cost