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Course: Microeconomics > Unit 6
Lesson 2: Production and costs in the short run- Fixed, variable, and marginal cost
- Marginal cost, average variable cost, and average total cost
- Graphs of MC, AVC and ATC
- Marginal revenue and marginal cost
- Short-run production costs: foundational concepts
- Marginal revenue below average total cost
- How costs change when fixed and variable costs change
- Graphical impact of cost changes on marginal and average costs
- Visualizing average costs and marginal costs as slope
- The structure of costs in the short run
- Short-run production costs
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