This is a quick summary of N. Gregory Mankiw's Principles of Economics Chapter 13: The Costs of Production.

Mankiw Chapter 13 The Costs of Production review. Explicit Implicit Costs. Accounting Profit Economic Profit. Fixed Cost Variable Cost Total Cost. Average Fixed Cost Average Variable Cost Average Total Cost. AFC AVC ATC. Short Run ATC Long Run ATC. Total Product Marginal Product Marginal Cost.

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