Concepts of Cost

Economics · Chapter 8 · 1. Microeconomic Theory: Production, Cost and Revenue, Market Forms

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Your path through this chapter

1
Visual lesson Beta
1. Part 1: Kinds of Cost and Total Costs16 slides
2. Part 2: Average and Marginal Costs, Short Run and Long Run16 slides
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Notes Beta
6 sections with key terms, formulas and exam tips.
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Flashcards Beta
30 cards for quick recall of key terms and facts.
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Practice
77 board-style questions with instant checks: Multiple choice 24, Short answer 21, Long answer 8, Assertion and reason 6.
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Chapter test Free
Short and long chapter tests in board pattern, with results and analysis.
- Chapter test (long) — Concepts of Cost · 40 marks · 100 min
- Chapter test (short) — Concepts of Cost · 20 marks · 50 min
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Basic cost concepts: private, social, economic, money, real, explicit and implicit costs
Opportunity cost; accounting cost versus opportunity cost
Short-run costs: TFC, TVC, TC, AFC, AVC, AC and MC with schedules and diagrams
Relationships among average cost, marginal cost and total cost
Short-run and long-run cost curves (concepts only)