I have learned about the different types of costs in economics, including fixed, variable, semi-variable, total, marginal, opportunity, economic, accounting, sunk, avoidable, explicit, and implicit costs. I also learned about market failure and the concepts of social costs, external costs, and private costs. The lecture included diagrams of cost curves, including average total cost, average variable cost, marginal cost, and average fixed cost.
1. Understand
2. Yes, it is. Because a new topic is always interesting to learn.
3. So far I have no queries.
Thanks Maam,