Cost functions1 min read

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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 
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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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