Title

(1) Short Run Cost I: Intro & Overview

Topic Category

Cost

Publication Date

2011

Keywords

Total Cost, Fixed Cost, Variable Cost, Cost as Dollar Version of Production

Abstract

This introduces short run cost analysis. It notes how cost is just a dollar value reflection of production relations. It distinguishes the concepts of Total Cost, Total Fixed Cost, and Total Variable Cost. It notes some practical problems with appropriately measuring cost.

Run Time

3:40

Primary Discipline

Microeconomics

Skills Delivered

Ability to explain the general connection between production and cost. Ability to distinguish between fixed and variable costs.

Rigor Level

2000

Prerequisites

Production Videos

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