For your reading pleasure, I have prepared a synopsis of last Thursday’s lecture; it is available for viewing and printing as a PDF file at  It is also linked as an optional reading assignment for Thursday, 10/22.  I encourage you to read this synopsis and let me know if you have any questions about it.  Also, Thursday’s class will be devoted to covering chapters 5 and 6 in the textbook, and you’ll find that the material from chapter 4 (especially the discussion concerning economies of scale and diminishing returns) will come in very handy when we discuss the “analysis of costs” topic covered in chapter 5.

I have also created a new webpage on the course website where I plan to post “practice” problems going forward.  These problems are intended for practice and therefore are not to be turned in for credit. Solutions are also provided.  The direct link to this page is, and this page is available one level down from the “Recommended Links” button on the home page.  So far, I have problems for chapters 2 and 4 listed there, and I plan to add some chapter 4 questions which appeared on the fall 2008 ECO 5315 midterm exam within the next day or two.

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