Random Fact

The United States poverty rate in 2012 was 15%. It was 12.5% in 2007. In 1959, it was 22.4% (http://www.census.gov/hhes/www/poverty/about/overview/index.html).

Unit 5: Cost Functions

Introduction
Section 1: Explicit Costs and Implicit Costs
Section 2: Accounting versus Economic Profits
Section 3: Total and Per Unit Costs
Section 4: Cost Calculations
Section 5: Cost Curves
Section 6: The Long-Run Average Cost Curve
Section 7: Increasing, Decreasing, and Constant Returns to Scale
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