Read this chapter on production. It will provide you with mathematical analysis of the topics in unit 5.
Read this section to learn about the behavior of the producer in the short run. Attempt the "Try It” problems at the end of the section before checking your answers. Take a moment to read through the stated learning outcomes for this chapter of the text, which you can find at the beginning of each section. These outcomes should be your goals as you read through the chapter.
Watch this video about how a coffee shop owner decides whether to keep is shop open or take another job, At the end of the video, consider the role of opportunity costs and how they affect business decisions. Think about times you've had to make choices and how opportunity costs affected those decisions.
Watch this video about a firm's marginal product revenue curve.
Watch this video about economic profit versus accounting profit.
Watch this video about depreciation and the opportunity cost of capital.
Watch this video about how a baker decides whether to keep her bakery open or to close. At the end of the video, consider the role of costs and how they affect business decisions. Think about examples of businesses which have chosen to shut down.
Watch this video about fixed, variable, and marginal cost.
Watch this video about visualizing average costs and marginal costs as a slope.
Watch this video about marginal cost and average total cost.
Watch this video about marginal revenue and marginal cost.
Watch this video about marginal revenue below average total cost.