Chapter 12 Inputs and Costs

Chapter 12 Inputs and Costs

Author: Matthew Lonn

Students will be able to identify the difference between long run and short run costs of production for a firm.

Students will be able to calculate marginal cost, fixed cost, variable cost, average variable cost, average total cost of a firm.

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Questions you should be able to answer after the lesson.

1. What is the difference between fixed and variable costs?

2. How do I calculate AVC, AFC, ATC and marginal cost?

3. How do the short run production curves compare to the long run production curves of a firm?

4. What is the concept of diminishing marginal returns?

Chapter 12 Notes

Diminshing Marginal Returns