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Chapter 9: Long-Run Costs and Output Decisions – Principles of Microeconomics
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Revenue, Cost, and Profit
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Explicit and Implicit Cost
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Fixed Costs and Variable Costs; Short Run and Long Run
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Accounting Profit and Economic Profit
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The Relationship Between Average Cost and Marginal Cost
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Average Cost and Marginal Cost
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Patterns of MC, AFC, AVC, and ATC curves
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Marginal Cost
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Marginal Cost
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Market Supply Curve in the Short Run and Long Run
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Market Supply Curve in the Long Run
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Market Supply Curve in the Short Run
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Long Run Equilibrium
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Long Run Equilibrium
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The Production Function and Diminishing Returns
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The Production Function and Diminishing Returns
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Calculating Fixed Cost, Variable Cost, and Average Total Cost
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Circular Flow Diagram
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Households and Firms
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The Circular Flow Diagram
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