Reading Guide

Reading Guide for Unit 6

First, go back to Chapter 2 of the textbook and re-read section 2.2. The concepts of increasing costs and diminishing marginal returns are central to the information in Chapter 7 of the textbook, which is the bulk of the reading for this unit.

Chapter 2: Choice in a World of Scarcity
Chapter 7: Production, Costs, and Industry Structure
  1. Introduction to Production, Costs, and Industry Structure
  2. 7.1 Explicit and Implicit Costs, and Accounting and Economic Profit
  3. 7.2 Production in the Short Run
  4. 7.3 Costs in the Short Run
  5. 7.4 Production in the Long Run
  6. 7.5 Costs in the Long Run
  7. Key Terms
  8. Key Concepts and Summary