Economics (McConnell), 18th Edition

Chapter 8: The Costs of Production

IN THIS CHAPTER YOU WILL LEARN:

  1. Why economic costs include both explicit (revealed and expressed) costs and implicit (present but not obvious) costs.


  2. How the law of diminishing returns relates to a firm's short-run production costs.


  3. The distinctions between fixed and variable costs and among total, average, and marginal costs.


  4. The link between a firm's size and its average costs in the long run.


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