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Production and Cost in Firms: A Contemporary Approach

This economics textbook offers a comprehensive introduction to the principles of production and cost in firms. Through detailed exhibits and explanations, students can grasp concepts such as total and marginal product labor, cost curves, long-run planning, isoquants, and optimal input combinations. The book provides a practical understanding of how firms manage production processes and costs effectively.

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Production and Cost in Firms: A Contemporary Approach

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  1. Fifth EditionEconomics A Contemporary Introduction William A. McEachern Production and Cost in the Firm

  2. Exhibit 3a: The Total and Marginal Product Labor (Total Product) Production and Cost in the Firm

  3. Exhibit 3b: The Total and Marginal Product Labor (Marginal Product) Production and Cost in the Firm

  4. Exhibit 5a: Total Cost Curve for Smoother Mover Production and Cost in the Firm

  5. Exhibit 5b: Marginal Cost Curve for Smoother Mover Production and Cost in the Firm

  6. Exhibit 7: Average and Marginal Cost Curves for Smoother Mover Production and Cost in the Firm

  7. Exhibit 8: Short-Run Cost Curves and the Long-Run Planning Curve Production and Cost in the Firm

  8. Exhibit 9: Family of Many Short-Run Cost Curves Forming a Firm’s Long-Run Planning Curve Production and Cost in the Firm

  9. Exhibit 10: A Firm’s Long-Run Average Cost Curve Production and Cost in the Firm

  10. Exhibit 12: Isoquants Production and Cost in the Firm

  11. Exhibit 13: Firm’s Isocost Lines Production and Cost in the Firm

  12. Exhibit 14: Optimal Combinations of Inputs Production and Cost in the Firm

  13. Exhibit 15: Isoquants Production and Cost in the Firm

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