In class, we went over the take home quiz which focused on elasticity's. Afterwards, we went over the handout on production costs. Students should be familiar with the shapes of the following curves: MC, AFC, AVC and ATC. Finally, students were introduced to the four types of markets (perfect competition, monopoly, oligopoly and monopolistic competition) that we will be discussing in depth in the near future.
Answer Key - Handout - Production Costs
Notes - Types of Markets
HW - Review Quiz - Behind the Supply Curve
Read Modules 58-60 (Perfect Competition)
*Quiz Friday - Section 10
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