During this lecture, look for the answer to these questions •What is a production function? What is marginal product? How are they related? •What are the various costs? How are they related to each other and to output? •How are costs different in the short run and in the long run? •What are ‘economies of scale’?1 12 The Costs of Production
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Total Revenue, Total Costs, Profits 2 12 The Costs of Production
Costs: Explicit vs. Implicit 3 12 The Costs of Production