Animated and verbal exploration of short run and long run costs and how these affect firm behavior. We explore how the short run supply curve is derived from the marginal cost curve and long run supply from the long run marginal cost curve. The various ways in which cost curves shift are examined and this then leads to a more complete consideration of the difference between short run and long run supply.
We then examine short run and long run changes in input demand when factor prices change.
This app contains 15 animated graphs with voice over that plays as graphs are drawn. Users can jump ahead or back by graph or portion of graph.
Useful for any microeconomics course at the appropriate level regardless of textbook and regardless of instructor. It is not necessary to use the Nechyba textbook to use these Apps.
Developed in conjunction with Professor Thomas Nechyba for the Micro Economics curriculum in the Department of Economics, Duke University, Durham, NC
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