APMic Unit 3 Lesson 2 Short-Run Production Costs (Module 55) by jclerch https://padlet.com/jclerch/g2kpkdclixmy Production, Cost and the Perfect Competition Model en-us 2019-07-21 14:23:57 UTC 2023-07-17 17:12:55 UTC hello@padlet.com https://padlet-uploads.storage.googleapis.com/135439946/20c7c463ff1c39ed9cbfca7fdb63a2c1/IMG_12291.png jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/372042773 2019-07-23 15:16:07 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/372042773 Essential Knowledge jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/372204447 Fixed costs and variable costs determine the total cost.

Marginal cost, average (fixed, variable, and total) cost, total cost, and total variable cost change as total output changes, but total fixed cost remains constant at all output levels, including zero output.

Production functions with diminishing marginal returns yield an upward-sloping marginal cost curve.

Specialization and the division of labor reduce marginal costs for firms.

Cost curves can shift in response to changes in input costs and productivity.
]]> 2019-07-24 23:04:37 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/372204447 Enduring Understanding jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/372204503 Firms’ production and cost constraints over different input and output levels shape optimal decisions in the short run and long run.]]> 2019-07-24 23:05:20 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/372204503 Learning Objectives jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/372204519 Define (using graphs where appropriate) key terms and concepts relating to production and cost.

Explain (using graphs where appropriate) how production and cost are related in the short run and long run.

Calculate (using data from a graph or table as appropriate) the various measures of productivity and short-run and long-run costs.
]]> 2019-07-24 23:05:32 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/372204519 Questions jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/372204673 How do firm costs generate marginal cost curves and average cost curves? ]]> 2019-07-24 23:07:11 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/372204673 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/391023948 2019-09-29 15:28:55 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/391023948 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/426977880 2019-12-29 01:01:57 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/426977880 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/432193976 2020-01-16 00:44:30 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/432193976 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/437175743 2020-01-28 18:41:11 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/437175743 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/693501822 2020-08-23 19:18:19 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/693501822 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/693501933 2020-08-23 19:18:34 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/693501933 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/693502197 2020-08-23 19:19:11 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/693502197 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/693508472 2020-08-23 19:29:56 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/693508472 None jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/693544456 2020-08-23 20:37:38 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/693544456 jclerch https://padlet.com/jclerch/g2kpkdclixmy/wish/693544528 2020-08-23 20:37:48 UTC https://padlet.com/jclerch/g2kpkdclixmy/wish/693544528