JC Economics Tuition Notes
Cost of Production

H2 Economics Only

In this Microeconomics topic, our economics tuition will examine the Cost of Production, which entails various cost conditions that affect a firm’s pricing and output decisions in the short and long run. These cost conditions include fixed cost, variable cost, marginal cost and average cost. Also, you will look into the distinguishing factors of small and large firms, such as the ability to attain economies of scale, which affects the average cost of production.