sp25-econ101 econ101
Lecture 15: Production functions and cost curves Lecture 15: Production functions and cost curves
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Sign in to readLecture 15: Production functions and cost curves
From inputs to output
Cost definitions
The marginal–average relationship
Profit and scale
Figures from the lecture
A simple business: custom T-shirts
ECONOMISTS
ECONOMISTS
The marginal product of labor
Graphically:
Graphically: