E. 7.3 Production in the Short Run
- Total, Average, and Marginal Products
- Diminishing Marginal Product
- The Average–Marginal Relationship
F. 7.4 Costs in the Short Run - Defining Short Run Costs
- Short-Run Cost Curves
a. The AFC, AVC, and ATC Curves
b. The MC Curve
c. Why U-Shaped Cost Curves? - Capacity
- Shifts in Short-Run Cost Curves
a. Changes in Factor Prices
b. Changes in the Amount of the Fixed Factor
G. Summary - 7.1 What Are Firms? LO 1
- 7.2 Production, Costs, and Profits LO 2
- 7.3 Production in the Short Run LO 3
- 7.4 Costs in the Short Run LO 4
H. Key Concepts
I. Study Exercises - Fill-in-the-Blank
- Review
- Problems
- 8 Producers in the Long Run
A. Chapter Outline
B. Learning Objectives (LO)