ECO 202
Module 6 - Course Objectives

Production, Cost, and Supply

12.1  Explain how economists measure a firm's cost of production and profit.

12.2  Explain the relationship between a firm's output and labor employed in the short run.

12.3  Explain the relationship between a firm's output and costs in the short run.

12.4 Derive and explain a firm's long-run average cost curve.

Assessment  Method

A.  Do the Self-Test questions in your Study Guide as if they were real exam questions, which means do them without looking at the answers. 

B.  You will learn the most from right answers you had to struggle for, and from your wrong answers and mistakes.  Only after you have attempted all the questions should you look at the answers in your Study Guide. 

C.  When you check your answers, be sure to understand where you went wrong and why the right answer is correct.

Take Self-Test 12.1, and Self-Test 12.2, and Self-Test 12.3, and Self-Test 12.4 in your Study Guide before taking Exam #2.