I. Production Theory
     A. Production Functions with 2 variable inputs
          1. Isoquants
          2. Ridge Lines
          3. Marginal Rate of Technical Substitution
          4. Types of Production Functions
          5. Isocosts
     B. Optimal Input Combinations 
          1. Expansion Path
     C. Profit Maximization
     D. Returns to Scale

II. Cost Theory
     A. Short Run Costs
          1. total, average, and marginal costs
          2.  explanations of the shapes of the curves
     B. Long Run Costs
          1. total, average, and marginal costs
          2. economies of scale
     C. Operating Leverage

III. Market Structure
     A. Perfect Competition
          1. Characteristics of market
          2. Price taker
          3. Price/quantity  Determination
          4. Long Run adjustments and equilibrium
     B. Monopoly
          1. characteristics 
          2. price maker
          3. price/quantity determination
          4. long run adjustments and equilibrium
     C. Monopolistic Competition
          1. characteristics 
          2. price maker
          3. price/quantity determination
          4. long run adjustments and equilibrium
     D. Comparisons between the different market structures and outcomes

  Back to Class Page