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Microeconomics Study Notes: Efficiency, Government Actions, and Production & Cost

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Allocative Efficiency, Productive Efficiency, and Equality

Consumer Surplus and Willingness to Pay

Producer Surplus and Willingness to Sell

Economic Surplus and Efficiency

Effects of Surplus

Effects of Shortage

Price Ceilings, Price Floors, and Black Markets

Quantitative Analysis of Price Ceilings and Price Floors: Finding Points

Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas

Revenue, Cost, and Profit

Marginal Cost

The Production Function and Diminishing Returns

Graphing Costs

Average Total Cost: Short Run and Long Run