Unit III
Production, Cost and the
Perfect Competition Model
(Nov. 6 - Jan. 25)
Textbook: pp. 154-170, 176-197
Remember, if it’s in the book, you are responsible for it - whether we discuss it or not!
The following sources will be included on Test #3 (as well as the final and the Unit III Mini-Test second semester):
Law of Diminishing Returns and handout
Short Run Production Costs handout and presentation
Reffonomics (see resources for Micro Unit 3)
Unit III Sample Test Questions - Production Costs Only
Most-Missed Topics from Test #3 (2017-20)
Most-Missed Topics from Test #2 (expect these to be included on Test #3)
The following sources will NOT be included on Test #3, but will be included on the fall semester final exam, as well as on the Unit III Mini-Test during second semester:
Perfect Competition in the Short Run
Perfect Competition Graphs Handout
Perfect Competition: Short-Run Profit Maximization Practice
Reffonomics (see resources for Micro Unit 3)
Unit III Sample Test Questions - Through Perfect Competition in the Short Run
The following sources will not be included on Test #3 or on the fall semester final exam, but will be included on the Unit III Mini-Test during second semester:
Review: Perfect Competition in the Short Run
Perfect Competition in the Long Run
Graphs: Perfect Competition in the Long-Run (handout)
Perfect Competition Graph Questions
Perfect Competition Problem Sets
Reffonomics (resources for Unit 3)
Unit III Sample Test Questions
Reffonomics Baseball - Cost Curves (use this to review)