Part 1 – Section A.3. Production cost functions

[Hameed]

CMA1.A3.a. define explicit and implicit costs

CMA1.A3.b. demonstrate an understanding of normal profit as a cost

CMA1.A3.c. identify and calculate economic profit

CMA1.A3.d. differentiate short-run costs from long-run costs

CMA1.A3.e. distinguish between fixed costs and variable costs

CMA1.A3.f. identify and calculate total product, marginal product, and average product

CMA1.A3.g. define the law of diminishing returns and graphically identify the point of diminishing return

CMA1.A3.h. identify and calculate total cost, average fixed cost, average variable cost, and average total cost

CMA1.A3.i. identify and calculate marginal cost

CMA1.A3.j. interpret the graphical relationship of marginal cost, average variable cost, average fixed cost, and average total cost

CMA1.A3.k. demonstrate an understanding of the long-run average total cost curve

CMA1.A3.l. define economies of scale, constant returns to scale, and diseconomies of scale

CMA1.A3.m. identify and calculate fixed costs and variable costs

CMA1.A3.n. contrast economic profit with accounting profit and calculate economic profit given financial statement information and opportunity costs

[ayman20]

thanks alot for your kind

ayman20

[space_alone]

thanks man too muck

thats nice:)