Unit 4 Topic 2: Short Run Costs

I can... explain the relationship between production and cost; define and differentiate between explicit and implicit cost; define, calculate, and interpret data (graphs) cost concepts; understand and distinguish between short run and long run cost curves; and calculate and define fixed, variable, average, marginal and total costs and how they vary with the level of output in the short run. Textbook Reading & Support (Krugman & Wells "Economics" 2nd Edition): Chapter 12 pp 309-319