ECON 203 (Section 1&2) • Final • Microeconomics 1

Production Function and Isoquant Curves

Properties of Technology

Marginal Product and Average Product

Technical Rate of Susbstitution

Short-run vs Long-run

Question - Technical Rate of Substitution

Question - Returns to Scale

Question - Production Function (Marginal Product, TRS, Returns to Scale)

Profit Maximization in the Short-run

Isoprofit Lines and Profit Maximization

Profit Maximization in the Long-run

Example

Question - Profit Maximization 1

Question - Profit Maximization 2

Cost Minimization (Isocost Lines)

Cost Minimization Examples

Returns to Scale and Average Cost

Short-run and Long-run Costs

Question - Cost Minimization in the Short-run and Long-run

Question - Cost Minimization 1

Question - Cost Minimization 2

Average Costs and Marginal Cost Curves

Example

Long-run Cost Curves

Question - Finding Cost Curves 1

Question - Finding Cost Curves 2

Question - Finding Cost Curves 3

Question - Finding Cost Curves 4

Firm's Supply

Profit and Producer's Surplus

Example

Short-run Industry Supply

Long-run Industry Supply

Question - Supply Curve for Competitive Firm

Question - Industry Supply Curve

Question - Supply Curve for a Competitive Firm and Market Supply

Market Power

Monopoly

Profit Maximization of Monopoly

Welfare Cost of Monopoly and Regulation

Monopsony

Question - Monopoly

Question - Monopsony

Returns to Scale

Isoquant Curves and TRS

Production Function and Profit Maximization

Production and Cost Functions

Production Function and Profit Maximization 2

Production Function and Profit Maximization 3

Market Equilibrium

Monopoly