Behind the Supply Curve: Profit, Production, and Costs ...



ConceptsExplicit CostImplicit CostAccounting ProfitEconomic ProfitImplicit Cost of CapitalNormal ProfitMarginal AnalysisOptimal Output RuleMarginal RevenueMarginal Cost CurveMarginal Revenue CurveProduction FunctionFixed InputVariable InputLong RunShort RunTotal Product CurveMarginal ProductDiminishing Returns to an InputFixed CostVariable CostTotal CostTotal Cost CurveAverage Total CostAverage Total Cost CurveAverage Fixed CostAverage Variable CostMinimum-Cost OutputAverage ProductAverage Product CurveLong Run Average Total Cost CurveEconomies of ScalesIncreasing Returns to ScaleDiseconomies of ScaleDecreasing Returns to ScaleConstant Returns to ScaleSunk CostGraphsMarginal Cost CurveMarginal Revenue CurveTotal Cost CurveAverage Total Cost CurveAverage Variable Cost CurveAverage Fixed Cost CurveEconomies of Scale/Diseconomies of ScaleAfter this Unit you should be able to:Explain the difference between explicit and implicit costs and their importance in decision makingDescribe the different types of profit, including accounting profit, economic profit, and normal profitCalculate profitPerform marginal analysisDetermine the profit maximizing level of output using the optimal output ruleUnderstand the importance of the firm’s production function, the relationship between the quantity of inputs and the quantity of outputExplain why production is often subject to diminishing returns to inputsDescribe the various types of cost a firm faces, including fixed cost, variable cost, and total costExplain how a firm’s costs generate marginal cost curves and average cost curvesExplain why a firms costs may differ between the short run and the long runDescribe how a firm can enjoy economies of scaleMondayTuesdayWednesdayThursdayFriday67 89-Unit 3 Test30 Multiple Choice Questions/ 2 Free Response Questions (200 Pts.)H.W. Define Unit 4 Key Terms/Concepts (40 Pts.)10-Turn in Key Terms-Handout Unit 4 Review Packet-Intro to Unit 4-Unit 1-3 Test Corrections (30 Pts.)H.W. Read Module 52 & 5313-Module 52/53 Reading Quiz (10 Pts.)-Module 52/53 NotesH.W. Read Module 5414-Module 54 Reading Quiz (10 Pts.)-Module 54 NotesH.W. Read Module 55/5615-Module 55/56 Reading Quiz (10 Pts.)-Module 55/56 Notes16-Finish Unit 4 Notes-Unit 4 Videos17-Turn in Unit 4 Review Packet (50 Pts.)-Unit 4 Free Response Questions20NO SCHOOL21-Study Hall22-Review for Unit 4 Test23-Unit 4 Test40 Multiple Choice Questions/ 1 Free Response Questions (200 Pts.)H.W Define Unit 5 Key Terms/Concepts (40 Points)24 ................
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