ECO365 Week 2 Objectives

ECO365 Week 2 Objectives - Chapter 9 Differentiate economic...

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Chapter 9 Differentiate economic profit from accounting profit. Distinguish between long-run and short-run production. State the law of diminishing marginal productivity. Calculate fixed costs, variable costs, marginal costs, total costs, average fixed costs, average variable costs, and total costs, given the appropriate information. Distinguish the various kinds of cost curves and describe the relationships among them. Explain why the marginal and average cost curves are U-shaped. Explain why the marginal-cost curve always goes through the minimum point of an average cost curve. Chapter 10 Explain how economies and diseconomies of scale influence the shape of long- run cost curves. State the envelope relationship between short-run cost curves and long-run cost curves. Explain the role of the entrepreneur in translating cost of production to supply. Discuss some of the problems of using cost analysis in the real world.
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