Learning Objectives
- Cost function
- Short-run cost: average cost, Marginal cost function
- Long run cost
- Long-run average cost,
- Derivation of LAC and LMC
- Reasons for U-shaped LAC
- Different cost firms, Identical cost firms,
- Market equilibrium,
- Short-run, and Long-run equilibrium
Suggested Readings:
Ahuja. H.L. (1970). Advanced Economic Analysis: Microeconomic Analysis. New Delhi: S. Chand & Company Pvt. Ltd.
Kutosoyiannis, A. (1979). Modern Microeconomics. Houndsmill: Macmillan Press Ltd.
Varian. H.R. (2010). Intermediate Microeconomics - A Modern Approach. W W Norton & Company: New York.
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