Microeconomics

1. Theories of Production and Costs
   1. Production Theory
      1. Inputs and Outputs
         1. Factors of Production
            1. Land
            2. Labor
            3. Capital
            4. Entrepreneurship
         2. Production Process
            1. Input Combinations
            2. Technology in Production
         3. Output Measurement
            1. Quantity Produced
            2. Output Quality
      2. Returns to Scale
         1. Increasing Returns to Scale
            1. Efficiency Gains
            2. Cost Lowering Effects
         2. Constant Returns to Scale
            1. Proportionate Increase
            2. Cost Neutrality
         3. Decreasing Returns to Scale
            1. Diminishing Efficiency
            2. Scale Disadvantages
      3. Production Functions
         1. Cobb-Douglas Production Function
            1. Variability in Elasticity
            2. Constant Elasticity of Substitution
         2. Leontief Production Function
            1. Fixed-Proportion Inputs
            2. Complementary Resources
         3. Isoquants
            1. Shape and Slope Interpretation
            2. Substitutability between Inputs
   2. Cost Analysis
      1. Total, Average, and Marginal Costs
         1. Total Cost Concepts
            1. Fixed Costs
            2. Variable Costs
         2. Average Cost Curves
            1. Average Fixed Cost (AFC)
            2. Average Variable Cost (AVC)
            3. Average Total Cost (ATC)
         3. Marginal Cost Analysis
            1. Incremental Cost Considerations
            2. Relationship with Output Decisions
      2. Economies and Diseconomies of Scale
         1. Economies of Scale
            1. Indivisibility of Inputs
            2. Specialization and Division of Labor
            3. Bulk Buying and Financial Economies
         2. Diseconomies of Scale
            1. Coordination Difficulties
            2. Management Complexities
            3. Resource Limitation
      3. Cost-Minimization
         1. Least-Cost Input Combination
            1. Marginal Product per Dollar Rule
            2. Isoquant-Isocost Analysis
         2. Optimization under Constraints
            1. Budget Constraints
            2. Technology Constraints
         3. Impact of Input Prices
            1. Input Price Changes
            2. Substitution Effects
      4. Short-run vs Long-run Costs
         1. Short-run Cost Curves
            1. Law of Diminishing Returns
            2. Shutdown Point
         2. Long-run Cost Curves
            1. Planning Horizon
            2. Scale Adjustments
   3. Implications for Firm Strategies
      1. Pricing Decisions
         1. Cost-Plus Pricing
         2. Target Return Pricing
      2. Output Decisions
         1. Profit Maximization Condition
         2. Break-even Analysis
      3. Strategic Entry and Exit
         1. Market Entry Barriers
         2. Exit Strategy Considerations
   4. Applications and Policy Implications
      1. Production Efficiency Evaluations
         1. Benchmarking and Performance Metrics
         2. Indexes and Indicators
      2. Cost-Benefit Analysis
         1. Public Policy Making
         2. Business Investment Decisions
      3. Environmental Cost Considerations
         1. External Costs and Social Responsibility
         2. Sustainable Production Practices