Lecture Notes: Friday, September 25, 1998

 Third Homework Assignment - for discussion at recitations the week of Sept 28.

Chapter 3 Section 4 (Marginal Functions in Economics)

• Cost, average cost, revenue and profit functions
  • marginal cost
  • marginal average cost
  • marginal revenue
  • marginal profit
    • interpretation in terms of producing one more unit
• Elasticity of demand function.
  • elastic, inelastic, and unitary demand.
  • work problem #32 on page 171

   

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