1. how to determine average and marginal costs given a cost function.
2. what economies of scale and scope mean. given cost functions, determine if economies of scopeis present
3. Given the price (or demand function) and cost function, determine the profit maximizing output (and prices in case of monopoly) for perfect competition, and monopoly and monopolistic competition
4. know the short term and long term shut down conditions for perfect and monopolistic competitions. Know the long run equilibrium. Be able to identify the price that will cause shut down given a graph of demand, AC, MC
5. Determine welfare loss due to monopoly.