Unit 3 - Micro

(Production, Cost, and Perfect Competition)

cONCEPT vIDEOS

The Production Function: (3.1)

Marginal Returns, Economies of Scale, and Returns to Scale
The Production Function and Marginal Product
The Production Function and Marginal Returns

Short-Run Production Costs: (3.2)

Fixed, Variable, and Total Cost
Average Fixed, Variable, and TC
The Relation Between Marginal Cost and Variable Cost

Short-Run Production Costs: (3.2)

AVC, MC, and the Supply Curve:  The Minimum Price Needed to Supply Goods 
Marginal Costs, Average Costs, and Total Costs

Long-Run Production Costs: (3.3)

Marginal Returns, Returns to Scale, Econ of Scale
Long-Run Production Costs (Economies of Scale)

Minimum Efficiency Scale: (3.3)

The Minimum Efficiency Scale (and its Relationship to Natural Monopolies) 

Types of Profit:  (3.4)

Opportunity Cost: Part 1
Opportunity Cost: Part 2

Introduction to Markets and Market Based Economies

Introduction: Markets and Market Based Economies

Introduction to Market Structures

Market Structures

Short-Run Decisions to Produce & Long-Run Decision to Enter of Exit the Mkt (3.6)

MC, AVC,  and the Supply Curve

Perfect Competition & Profit Maximization:  (3.5/3.7)

Perfect Competition Part 1
Perfect Competition Part 2
MR = MC:  The Profit Maximization Rule

Perfect Competition:  (3.7)

(A Deeper Dive)

Perfect Competition: Short-Run Profits
Perfect Competition Part 4b
Perfect Competition Part 3b
Perfect Competition w/ Per Unit Taxes
Perfect Competition Part 4
Perfect Competition:  Increasing Cost Industry (Short-Run Losses)

vIDEOS:  sYNCHRONOUS blOCKS

Synchronous Blocks:

Cost of Production

Cost of Production (Part 1)
Cost of Production (Part 1)
Cost of Production (Part 2) Block 2
Cost of Production (Part 2) - Block 2
Cost of Production (Part 2) Block 3
Cost of Production (Part 2) - Block 3
Cost of Production (Patrt 3) Block 2
Cost of Production (Part 3) Block 2

Synchronous Blocks:

Market Structures: 

Perfect Competition

Mkt Structures - Perf Comp (Part 1) Block 2
Mkt Structures: Perfect Competition (Part 1) - Block 2
Mkt Structure - Perf Comp (Part 2) Block 3
Mkt Structures: Perfect Competition (Part 2) 
Perf Comp (Long-Run) - Intro to Market Power Block 2
Mkt Structures: Perfect Competition (Part 3); Intro to Market Power (Block 2) 
Perf Comp (Long-Run) - Intro to Market Power Block 6
Mkt Structures: Perfect Competition (Part 3); Intro to Market Power (Block 6)

Infographics associated (Slot Notes)

Infographic - Cost of Production(P1).pdf
Marginal Returns & the Cost of Production
Infographic - Marginal vs Average (Slot Notes).pdf
Marginal vs Average Measurements
Infographic - Supply-MC-AVC-ATC (Slot Note).pdf
The AVC, ATC, MC, and the Supply Curve
Infographic - Perfect Competition (Slot Notes).pdf
Perfect Competition