## 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

**Comments on Exam #1**

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