ECO 365 Week 3 participation Principles of Microeconomics, Ch. 13: The Costs of Production

Read Ch. 13 of Principles of Microeconomics:

• 13-1 What Are Costs?, pp. 260-262
• 13-2 Production and Costs, pp. 263-265
• 13-3 The Various Measures of Cost, pp. 265-271
• 13-4 Costs in the Short Run and in the Long Run, pp. 271-273

Consider the following as you read:

1. Understand the supply curve.
2. Understand how to apply the law of supply.
3. Understand the study of how firms’ decisions about prices and quantities depend on the market conditions they face.
4. Understand the field of industrial organization.
5. Understand cost of production.