Unit 3 Costs of Production (Micro)

Unit 3 Overview Lesson: Top 10 things you need to know about the production costs of a firm, including marginal analyses in the short run and long run. This video is geared toward college-level principles of macro and micro courses and students enrolled in AP Economics. Be sure to take notes while watching and pause when necessary.

Top 10 concepts in this video:

#1. Diminishing Marginal Returns

#2. Marginal Product & Average Product

#3. Economic Profit vs. Accounting Profit

#4. Types of Costs

#5. Calculating Costs

#6. Total Revenue & Marginal Revenue

#7. Profit Maximizing Rule

#8. Per-Unit Tax vs. Lump-Sum Tax

#9. Short Run vs. Long Run

#10. Long-Run Average Total Cost Curve