Cost and Industry Structure
Discover how costs and industry structure relate, learn about explicit and implicit costs, accounting and economic profit, and delve into key concepts and summaries, the structure of costs in the short and long run, the choice of production technology, economies of scale, long-run average cost curve shapes, and more.
Introduction to Cost and Industry Structure
Explicit and Implicit Costs, and Accounting and Economic Profit
Key Concepts and Summary
The Structure of Costs in the Short Run
Fixed and Variable Costs
Average Total Cost, Average Variable Cost, Marginal Cost
Lessons From Alternative Measures of Costs
A Variety of Cost Patterns
Key Concepts and Summary
The Structure of Costs in the Long Run
Choice of Production Technology
Economies of Scale
Shapes of Long-Run Average Cost Curves
The Size and Number of Firms in An Industry
Shifting Patterns of Long-Run Average Cost
Key Concepts and Summary