In class, students learned about fixed costs, variable costs and marginal cost. Students also used data to figure out Average Fixed Costs (spreading effect), Average Variable Costs (diminishing returns effect) and Average Total Costs (U-shaped for most industries).
Afterwards, students took a look at various short-run average total cost curves to make decisions about the long-run.
The notes and homework are attached.
Notes - Average Cost Curves and Economies of Scale
HW - Complete HW Packet
Read Modules 56 and Modules 57
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