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Lecture A (WK4) - Weekly Lectures

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Lecture A (WK4) Welcome Back! This week we’ll be considering production costs and the behavior of profit maximizing firms in our weekly lecture. We will examine a number of crucial cost concepts that will be used in the next chapters to analyze the basic market models. A firm’s implicit and explicit costs are explained for both short- and long-run periods. The law of diminishing returns will be expanded as an essential concept for understanding average and marginal cost curves . The general shape of each cost curve and the relationship they bear to one another are analyzed to enhance understanding. To begin, please read: Chapter 7 and Chapter 7 Appendix: The Production Process Chapter 8: Short Run Costs and Output Decisions Do you like to see a roadmap before you begin a trip? If so, the following is a no-frills, black and white, text only, outline of the major points for this week. You will find one each week in our Lecture Hall. Print yourself a copy and it can help to keep the points in perspective as we proceed. Chapter Seven Lecture Outline Chapter Eight Lecture Outline Chapter 7 – The Production Process We begin our investigation of the production process
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