The objective of a firm: to maximize profit 1:14
Explicit vs implicit costs 2:59
Investments are not costs 7:24
Economic profit vs accounting profit 12:14
The production function 15:00
Marginal product 23:19
The law of diminishing marginal product 25:18
From the production function to the total cost curve 32:33
Fixed cost 43:34
Variable cost 45:03
Average fixed cost 47:04
Average variable cost 48:29
Average total cost 49:39
Marginal cost 50:57
The efficient scale of the firm 59:59
The relationship between marginal cost and average cost 1:00:50
Typical cost curves 1:03:09
The difference between the short-run and the long-run 1:06:54
Long-run average total cost 1:08:40
Economies and diseconomies of scale 1:15:37