Cost Curve

Book excerpt: What is Cost Curve In economics, a cost curve is a graph of the costs of production as a function of total quantity produced. In a free market economy, productively efficient firms optimize their production process by minimizing cost consistent with each possible level of production, and the result is a cost curve. Profit-maximizing firms use cost curves to decide output quantities. There are various types of cost curves, all related to each other, including total and average cost curves; marginal cost curves, which are equal to the differential of the total cost curves; and variable cost curves. Some are applicable to the short run, others to the long run. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Cost curve Chapter 2: Perfect competition Chapter 3: Profit maximization Chapter 4: Minimum efficient scale Chapter 5: Marginal cost Chapter 6: Production function Chapter 7: Average cost Chapter 8: Marginal product Chapter 9: Diminishing returns Chapter 10: Economic cost Chapter 11: Isoquant Chapter 12: Conditional factor demands Chapter 13: Total cost Chapter 14: Average variable cost Chapter 15: Long run and short run Chapter 16: Supply (economics) Chapter 17: Shutdown (economics) Chapter 18: Marginal product of labor Chapter 19: Long-run cost curve Chapter 20: Socially optimal firm size Chapter 21: Expansion path (II) Answering the public top questions about cost curve. (III) Real world examples for the usage of cost curve in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Cost Curve.