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Table Of Contents

What Is A Firm?
Production
Competitive Firms are Price Takers
Demand Facing a Single Firm in a Perfectly Competitive Market
The Behavior of Profit-Maximizing Firms
The Production Process
The Production Function
Short-Run Versus Long-Run Decisions
Marginal Product and Average Product
The Law of Diminishing Marginal Returns
Production Function for Sandwiches
Profits and Economic Costs
Normal Rate of Return
Calculating Total Revenue, Total Cost, and Profit
Determining the Optimal Method of Production
Fixed Costs
Short-Run Fixed Cost (Total and Average) of a Hypothetical Firm
Average Variable Cost
Marginal Cost
Derivation of Marginal Cost from Total Variable Cost
Graphing Total Variable Costs and Marginal Costs
Relationship Between Average Variable Cost and Marginal Cost
Short-Run Costs of a Hypothetical Firm
Total Costs
Average Total Cost
Relationship Between Average Total Cost and Marginal Cost
Total Cost Curves
Revenue
Total Revenue (TR) and Marginal Revenue (MR)
Profit
Comparing Costs and Revenues to Maximize Profit
Profit Analysis for a Simple Firm
The Short-Run Supply Curve
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Production and Cost Theory

Production and Cost Theory

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Published by Maria Datingaling

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Published by: Maria Datingaling on Jul 14, 2011
Copyright:Attribution Non-commercial

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10/18/2012

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Haji Ng'elenge added this note
Your material are very good. I'm teaching Economics, so if you could give me a copy of this presentation could very happy. Thanks
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