Unit 4 Topic 2: Curve Relationships (MP, AP, MC, AVC, and MP, AP)

I can...

explain the relationship between production and cost;

define and differentiate between explicit and implicit cost;

define, calculate, and interpret data (graphs) cost concepts;

understand and distinguish between short run and long run cost curves; and

calculate and define fixed, variable, average, marginal and total costs and how they vary with the level of output in the short run.

Textbook Reading & Support (Krugman & Wells "Economics" 2nd Edition):
Chapter 12 pp 309-319