Overview

Understanding the production procedure and cost functions help managers with their daily tasks and planning for future. Many details are firm- or task-specific, however. That is why we survey a general model of production and cost in Modules 3 and 4. It is, then, followed by a survey of the organization of the firm and the nature of industry.

Module Objectives

In this module, our activities, content, and assignments will help you do the following:

Describe the methods of procuring inputs
Understand the market structure
Understand firms' conduct within an industry
Understand and interpret key performance measures

Module To-Do List

Before attending the live session, you must attend to the required readings:
- Ch. 6: Methods of Procuring Inputs
- Ch. 6: Transaction Cost
- Ch. 6.: Optimal Input Procurement
- Ch. 7: Market Structure
- Ch. 7: Conduct
- Ch. 7: Performance
Students must also attend the live session and participate in in-class activities.
After the live session, students must finish their work on the second assignment and submit it before its due date.
Module 4 Slide-sets
Module 4