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2.3 The Firm - Costs of Production

Picture

Need to Know

At the end of this section the student should be able to:
 evaluate the economic role of firms in an economy, explaining how positive and negative incentives influence economic activity 
  graphically represent, calculate and describe the relationship between total, marginal and average revenue and costs 
  apply the distinction between the short and long run in analysing the implications of a firm’s costs and revenue situation
  explain and illustrate the conditions for profit maximisation in terms of marginal cost and marginal revenue
  analyse the role of economies and diseconomies of scale in determining the size of firms
  critique the reasons a firm may pursue objectives other than profit maximisation

Resources

2.3 The Firm Notes
2.3 The Firm SQs
2.3 The Firm LQs
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