Topics, in course order
- 3.1The Production FunctionNot practicedLessonNotes
- 3.2Short-Run Production CostsNot practicedLessonNotes
- 3.3Long-Run Production CostsNot practicedLessonNotes
- 3.4Types of ProfitNot practicedLessonNotes
- 3.5Profit MaximizationNot practicedLessonNotes
- 3.6Firms' Short-Run Decisions to Produce and Long-Run Decisions to Enter or Exit a MarketNot practicedLessonNotes
- 3.7Perfect CompetitionNot practicedLessonNotes
Practice this unit
Question setExam-style questions from this unit's 7 topics, with an explanation for every option.
Unit testA timed test on the whole unit, every topic weighted equally.
Tools for this unit2 trainers.
In this unit's tools
Trainers 2
Free-response questions 6
- Two bike-share firms in a payoff matrix, then one firm's short-run cost curves
- Apple pickers: a competitive labor market and one orchard, and a rise in the demand for apples
- Rolled oats: a yearly inspection fee for every mill, losses, exit and a higher long-run price
- A small bakery's cost table: fixed cost, the profit-maximizing output and the shut-down rule
- A hiring table at a bicycle repair shop: a lower wage, a higher price and derived demand
- A competitive car wash making losses: shut down, exit and the long-run price