Microeconomics,, 16th Canadian Edition

C. 8.1 The Long Run: No Fixed Factors

1. Profit Maximization and Cost Minimization
   a. Long-Run Cost Minimization
   b. The Principle of Substitution


2. Long-Run Cost Curves
   a. The Shape of the Long-Run Average Cost Curve
   a. 1. Decreasing Costs
   b. 2. Constant Costs
   c. 3. Increasing Costs
   b. The Relationship Between Long-Run and Short-Run Costs
   D. 8.2 The Very Long Run: Changes in Technology


3. Technological Change
   a. New Techniques
   b. Improved Inputs
   c. New Products


4. Firms’ Choices in the Very Long Run
   E. Summary


5. 8.1 The Long Run: No Fixed Factors LO 1, 2, 3


6. 8.2 The Very Long Run: Changes in Technology LO 4
   F. Key Concepts
   G. Study Exercises


7. Fill-in-the-Blank


8. Review


9. Problems
   H. Appendix to Chapter 8 Isoquant Analysis


10. 8A.1 Isoquants
    a. An Isoquant Map