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...Math recitation october i production functions ii isoquants and isocost lines iii increasing decreasing constant returns to scale iv costs average marginal total v perfect competition profit maximization function shows what output a firm will make given certain quantities of their inputs it describes the productivity each in process cobb douglass is form y kalb where k amount capital l labor if b exhibits cost per unit goes down as number units produced up we look at occurs smaller followed by larger q curves understanding dynamics different mc ac think about how taking an works avc decreases than increases paying attention are on axis important for or necessary conditions there many firms market offering same product no barriers entry exit all consumers have information prices be price takers they accept rather being able set own using methods therefore end charging power one has enough change outcome through changes determined solely demand curve competitive minimum graph above this ...