Learning outcomes of week 3

In this week you will learn:

  • how the firm decides which input it has to employ in order to produce at the minimum cost a given quantity of output.

You will go through:

  • production functions,
  • costs,
  • return to scale.

The contents of this week are a derivative work of the course by Jonathan Gruber 14.01SC Principle of Microeconomics. Fall 2011. Massachusetts Institute of Technology: MIT OpenCourseWare. License: Creative Commons BY-NC-SA.