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Chapter Sixteen: Production Costs
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Types of Production Costs
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Table 16.1: Gail’s Costs of Farming
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The Production Function
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Table 16.2: Corn Production Function
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Figure 16.1: Corn Production Function
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Table 16.3: Calculating Marginal Product
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Figure 16.2: Total Product Curves with Constant and Increasing Marginal Returns
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Figure 16.3: A Total Product Curve with Increasing, Constant, and Decreasing Returns
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Table 16.4: Fixed, Variable, and Marginal Costs
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Figure 16.4: The Total Cost Curve for Corn
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Table 16.5: Marginal Cost of Corn Production
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Figure 16.5: A Possible Pattern of Costs
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Figure 16.6: A Possible Pattern of Long-Run Average Costs
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