Unit 5: The Producer
In this unit we learn about one of the most important economic agents: the producer. The producer (a company or firm) is responsible for creating the production function (output) and is subject to various cost measures and the results of diminishing returns. We explore these ideas more fully as we delve into the relationship between quantity of input and quantity of output. We will discuss how and why a firm's costs may differ in the short run versus the long run.
Completing this unit should take you approximately 8 hours.
5.1: The Short Run
5.2: The Long Run
Unit 5 Review