- Recap yesterday - esp short/long run // TFC, AFC
- Variable Costs
- students sketch TVC - point out not a straight line
- The Law of Diminishing Returns
- Flower field example https://mail.google.com/mail/?shva=1#inbox/126d178fedd0074b
- Put into graph form to show shape of TVC
- Draw graph next to it of AVC
- Total costs - sketch curves
- The average cost curve
- Big sketch of AFC , AVC
- AC = AFC + AVC show how can use addition to plot AC curve
- Explanation - use Krugman info
A2 M3 Lesson 3 Average Cost Curve and Diminishing Returns
