Lecture Understanding economics (2nd edition): Chapter 4 - Mark Lovewell, Khoa Nguyen

Chapter 4 - Costs of production. In this chapter you will: consider the major organizational forms of business—sole proprietorships, partnerships, and corporations; learn about economic costs (explicit and implicit) of production and economic profit analyze short-run (total, average, and marginal) products, and the law of diminishing marginal returns; derive short-run (total, average, and marginal) costs; examine long-run results of production (increasing returns to scale, constant to scale, and decreasing to scale) and long-run costs.

Từ khóa: Understanding economics, Lecture Understanding economics, Economic problem, Economic systems, Costs of production, Productive efficiency