Assignment:
Principles of Microeconomics:
•What Are Costs?
•Production and Costs
•The Various Measures of Cost
•Costs in the Short Run and in the Long Run
SUBSTANTIVE POST- 75 WORDS EACH
1.Understand the supply curve.
2.Understand how to apply the law of supply.
3.Understand the study of how firms' decisions about prices and quantities depend on the market conditions they face.
4.Understand the field of industrial organization.
5.Understand cost of production.
Principles of Microeconomics:
• What Is a Competitive Market?
• Profit Maximization and the Competitive Firm's Supply Curve,
• The Supply Curve in a Competitive Market
SUBSTANTIVE POST- 75 WORDS EACH
1. Understand how consumers influence the market price of goods it sells.
2. Understand the term market power.
3. Understand the types of cost: fixed, variable, and marginal.