Firms’ costs, revenue and objectives
3.7What the syllabus asks of you
- definition of costs of production Total cost (TC), average total cost (ATC), fixed cost (FC), variable cost (VC), average fixed cost (AFC), average variable cost (AVC). Note: marginal cost is not required.
- calculation of costs of production Calculation of TC, ATC, FC, VC, AFC and AVC. Definition, drawing and interpretation of diagrams that show how changes in output affect costs of production.
- definition of revenue Total revenue (TR) and average revenue (AR). Note: marginal revenue is not required.
- calculation of revenue Calculation of TR and AR. The influence of sales on revenue.
- objectives of firms Survival, social welfare, profit maximisation and growth.
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Chapter 3: Firms' costs, revenue and objectives
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39 questions
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