Revision of Chapter 13: The Costs of Production, Principles of Microeconomics, N. Gregory Mankiw. This free online crash course covers the main concepts of Total Revenue, Total Costs and Profit, as well as Opportunity Costs. We will discuss Economic Profit vs. Accounting Profit, Production and Costs, and Fixed and Variable Costs. The crash course also covers average and marginal costs their curves and profit maximization microeconomic strategy. Additionally, it concentrates on short-run and long-run total costs and their curves.
This crash course covers:
What Are Costs?
Total Revenue, Total Cost, and Profit
Costs as Opportunity Costs
Explicit Costs
Implicit Costs
The Cost of Capital as an Opportunity Cost
Economic Profit versus Accounting Profit
Economic Profit
Accounting Profit
Production and Costs
The Production Function
Marginal Product
Diminishing Marginal Product
From the Production Function to the Total-Cost Curve
The Various Measures of Cost
Fixed and Variable Costs
Fixed Costs
Variable Costs
Average and Marginal Costs
Average Total Cost
Average Fixed Cost
Average Variable Cost
Marginal Cost
Cost Curves and Their Shapes
Rising Marginal Cost
Efficient Scale
The Relationship between Marginal Cost and Average Total Cost
Typical Cost Curves
Costs in the Short Run and in the Long Run
The Relationship between Short-Run and Long-Run Average Total Cost
Economies and Diseconomies of Scale
This course is part of ECON 121 Principles of Microeconomics free online course. This course examines basic principles of microeconomics including core elements of supply and demand, opportunity cost, market equilibrium, elasticity, and income distribution.
Course Materials:
Principles of Microeconomics (6th or newer edition, South-Western Cengage Learning) by N. Gregory Mankiw (Previous or subsequent editions can be consulted too, though cases and examples considered will be from 6th edition.)
Materials Used:
Music: [ Ссылка ]
