Site MapHelpFeedbackThe Costs of Production
The Costs of Production


Premium content available for purchase is identified in the left-hand Navigation Menu by the asterisk (*) which precedes the content name. Premium content on this OLC includes:
  1. Narrated Slides
  2. Paul Solman Videos
  3. iPod Content


IN THIS CHAPTER YOU WILL LEARN:

  1. Why economic costs include both explicit (revealed and expressed) costs and implicit (present but not obvious) costs.


  2. How the law of diminishing returns relates to a firm's short-run production costs.


  3. The distinctions between fixed and variable costs and among total, average, and marginal costs.


  4. The link between a firm's size and its average costs in the long run.










To learn more about the book this website supports, please visit its Information Center.
(c)2009 McGraw-Hill Higher Education
Any use is subject to the Terms of Use and Privacy Notice.
McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies.


McConnell Microeconomics OLCOnline Learning Center

Home > Chapter 8