Principles of Microeconomics — Part 4: Production Costs & Perfect Competition

Now we move from consumer choice to firm behavior. You'll build the production function, derive short-run and long-run cost curves, work through the relationships among marginal, average variable, and average total cost, then apply these to perfect competition — where many small firms are price-takers and long-run economic profit is driven to zero. The videos walk through worked problems with a sweater factory and a baseball-bat factory. (Note: Source archive lost videos 6 and 7 of the costs mod