PROBLEM SET $06$: SHORT RUN PRODUCTION AND COSTS

When you have completed this Problem Set, you should have a better

understanding of the following ECONOMIC CONCEPTS:

$**$Short Run Production with One Variable Input.

$**$Total Product.

$**$Average Product.

$**$Marginal Product.

$**$The Law of Diminishing Marginal Product.

$**$Total$,$ Average, and Marginal Cost.

$**$The Relationship between Product Curves and Cost Curves