3 types of business Business decisions How many inputs to employ basis Average product Marginal product Diminshing marginal returns How much to produce Average cost Marginal cost Fixed cost Average total cost average fixed average variable Cost curve graph identify all curves Long run vs short run Long and short run average total cost curves reasons for shape Economies and Diseconomies of Scale Minimum efficient scale Supply rule graphic and interpretive Positive economic profit Zero economic profit Negative economic profit Characteristics of Market Structure Demand curves of firms in each market structure Economic profit vs Accounting Profit Shut down and break even prices Consumer and producer surplus maximization Characteristics of respective market stuctures Perfect Competition Monopoly Entry and exit reasons Pricing decision basis Equilibrium Characteristics types Supply curve depiction Graphic depiction Producer Consumer Deadweight loss graphic and defintion Profit loss Barriers to market entry Price discrimimation
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