Inclusion of key graphs i. Costs of Production( 16) 1. Production Function TP, MP, and AP (Graph with three stages) 2. TC, VC, FC (Definitions) 3. MC, ATC, AVC, AFC (Formulas and Graph) 4. Long-Run ATC (Graph showing Economies and Diseconomies of Scale) ii. Perfect Competition 15) 1. Characteristics 2. Firm and Industry in Short-Run Making Profit (Graph) 3. Firm and Industry in Short-Run Making Loss (Graph) 4. Firm and Industry in Long-Run equilibrium (Graph) 5. How economic profit and loss disappear in the Long-Run (Graph)