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The demand curve has nothing on the supply curve! Do you have any tips for how to keep straight all the different definitions and formulae for marginal, average, and total cost, product, and revenue?
This question asked by Geoff B. from Mount Royal University
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My tip is to work with the data. I discourage my students from trying to memorize formulas. I assign hw that requires them to calculate marginal, average and total cost relationahips using a table that has many missing pieces -- this requires students to think about how to work forward and backward through the data. Once they know how to do this they understand the relationships and memorization is no longer necessary.
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