Welcome! This is the Microeconomics Unit 3 Summary video. I cover concepts like diminishing marginal returns (1:14), the costs of production (5:11), the long run average total costs and economies of scale (10:29), and perfect competition in both the short run (15:27) and long run (23:52). Make sure you know how to do the calculations and draw the key graphs. Definitely get the Ultimate Review Packet. It will totally help. Thanks for watching. If you want more videos like this, please subscibe.
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