Lecture Macroeconomics (20/e): Chapter 9 - McConnell, Brue, Flynn

Chapter 9 - Businesses and the cost of production. This chapter develops a number of crucial cost concepts that will be employed in the succeeding three chapters to analyze the four basic market models. A firm’s implicit and explicit costs are explained for both short and long run periods. The explanation of short run costs includes arithmetic and graphic analyses of both the total, average, and marginal-cost concepts.