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july30
1. Outline for Wednesday, July 30
Remember
Homework due Friday
Quiz on Monday
Review technology
Costs
Long-run cost minimization
Short-run
Cost minimization
TC, MC and AC curves
Fixed and variable costs
2. Readings
Today – Cost minimization
7.1 and 7.3
Mostly problems
Very similar to utility maximization
Thursday – Long run vs. short run cost minimization
7.2 and 7.4
Mostly graphs
We might start on Friday’s material
Friday – Profit maximization
8.1 through 8.4
Where the supply curve comes from, its shape