Introduction to production functions Total product, marginal product, and average product

Fixed, variable, and marginal costMarginal cost, average variable cost, and average total costGraphs of MC, AVC and ATCMarginal revenue and marginal costMarginal revenue below average total costHow costs change when fixed and variable costs changeGraphical impact of cost changes on marginal and average costsVisualizing average costs and marginal costs as slopeThe structure of costs in the short run

Long-run average total cost curveEconomies and diseconomies of scaleMinimum efficient scale and market concentration The structure of costs in the long run

Economic profit vs accounting profitDepreciation and opportunity cost of capitalLong term supply curve and economic profitExplicit and implicit costs and accounting and economic profit

Profit maximizationProfit maximization worked example

Shutting down or exiting industry based on priceLong-run economic profit for perfectly competitive firmsLong run supply when industry costs aren't constantFree response question (FRQ) on perfect competition