TAILIEUCHUNG - Lecture Microeconomics: Theory and applications (12th edition): Chapter 8 - Browning, Zupan

Chapter 8 - The cost of production. In this chapter students will be able to: Delineate the nature of a firm’s cost - explicit as well as implicit, outline how cost is likely to vary with output in the short run and various measures of shortrun cost, detail the typical shapes of a firm’s short-run cost curves,. | MICROECONOMICS: Theory & Applications By Edgar K. Browning & Mark A. Zupan John Wiley & Sons, Inc. 12th Edition, Copyright 2015 Chapter 8: The Cost of Production Prepared by Dr. Della Lee Sue, Marist College Learning Objectives Delineate the nature of a firm’s cost—explicit as well as implicit. Outline how cost is likely to vary with output in the short run and various measures of shortrun cost. Detail the typical shapes of a firm’s short-run cost curves. See how a firm will choose to combine inputs in its production process in the long run when all inputs are variable. Show how input price changes affect a firm’s cost curves. Differentiate between a firm’s long-run and short-run cost curves. (continued) Learning Objectives (continued) Explain the impact of learning by doing on production cost. Understand how the minimum efficient scale of production is related to market structure. Describe how cost curves can be applied to the problem of controlling pollution. Cover economies of

• Kinh tế học
• Microeconomics theory
• Microeconomics applications
• Lecture Microeconomics
• Kinh tế vĩ mô
• Cost of production
• Shortrun cost
• Scope of microeconomic theory
• Normative analyses
• Consumer choice
• Theory of consumer choice
• Consumer choice theory
• Excise subsidies
• Game theory
• Economics of information
• Demand curves
• Supply curves
• Consumption choices
• Substitution effects
• Economic efficiency
• Competitive equilibrium
• Relating output to inputs
• Empirical estimation
• Profit maximization
• Perfectly competitive markets
• Competitive model
• Excise taxation
• Monopolist’s demand
• Marginal revenue curves
• Product pricing
• Monopoly power