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Production, cost, and the perfect competition model

AP Micro: CBA (BI), CBA‑2 (EU), PRD (BI), PRD‑1 (EU), PRD‑2 (EU)
AP Micro: PRD‑1 (EU), PRD‑1.A (LO), PRD‑1.A.1 (EK), PRD‑1.A.2 (EK), PRD‑1.A.3 (EK)
AP Micro: PRD (BI), PRD‑1 (EU), PRD‑1.A (LO), PRD‑1.A.10 (EK), PRD‑1.A.11 (EK), PRD‑1.A.12 (EK), PRD‑1.A.9 (EK)
AP Micro: CBA (BI), CBA‑2 (EU), CBA‑2.A (LO), CBA‑2.C (LO), CBA‑2.C.1 (EK), CBA‑2.C.2 (EK)
AP Micro: CBA (BI), CBA‑2 (EU), CBA‑2.A (LO), CBA‑2.D (LO), CBA‑2.D.1 (EK)

About this unit

This unit covers production and cost analysis and the behavior of firms in perfect competition. Topics include an introdduction to the short-run production function, diminishing marginal returns, the link between productivity and costs, the relationships that exist among cost curves, long-run costs, economies and diseconomies of scale, profit maximization, and the behavior of firms in perfectly competitive markets in the short run and the long run.
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