| After reading this chapter, you should know | |
| LO7-1 | What the production function represents. |
| LO7-2 | Why the law of diminishing returns applies to production processes. |
| LO7-3 | How the various measures of cost relate to each other. |
| LO7-4 | How economic and accounting costs differ. |
| LO7-5 | What (dis)economies of scale are. |