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Microeconomics Study Guide: Production, Costs, and Competitive Markets (Chapters 5–8)

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The Production Function and Diminishing Returns

  • Guided course
    The Production Function and Diminishing Returns
    07:45
  • Guided course
    Calculating Fixed Cost, Variable Cost, and Average Total Cost
    05:09

Marginal Cost

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    Marginal Cost
    10:48

Graphing Costs

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    Graphing Cost Curves
    10:54

Average Total Cost: Short Run and Long Run

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    ATC in the Short Run and Long Run
    13:13

Isoquant Lines

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    Isoquant Lines
    09:45

Cost-Minimizing Combination of Labor and Capital

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    Cost Minimizing Combination of Labor and Capital
    05:02
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    Differences in Cost Minimizing Point
    01:45

Isocost Lines

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    Isocost Lines
    04:27

Characteristics of Perfect Competition

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    Characteristics of Perfect Competition
    02:29
  • Guided course
    Market Demand and Individual Firm Demand
    03:57

Short Run Shutdown Decision

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    Short Run Shutdown Decision (continued)
    07:54
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    Short Run Shutdown Decision on the Graph
    07:05
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    Short Run Shutdown Decision
    03:28

Long Run Entry and Exit Decision

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    Long Run Exit/Enter Decision (continued)
    06:04
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    Long Run Exit/Enter Decision
    02:39
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    Long Run Exit/Enter Decision on the Graph
    09:32

Individual Supply Curve in the Short Run and Long Run

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    Individual Firm Supply Curve in the Long Run
    03:12
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    Individual Firm Supply Curve in the Short Run
    03:19

Market Supply Curve in the Short Run and Long Run

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    Market Supply Curve in the Long Run
    06:07
  • Guided course
    Market Supply Curve in the Short Run
    03:02

Long Run Equilibrium

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    Long Run Equilibrium
    07:04