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.
Recommended Citation
Crane, Steven E., "(1) Short Run Cost I: Intro & Overview" (2011). Principles of Microeconomics. Paper 58.
http://epublications.marquette.edu/microecon_learning/58
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
COinS