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# Menu_11_Oct_05 - Variable(VC d Marginal(MC e Average i...

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TODAY’S MENU: Tuesday 11 October 2005 I. BUSINESS A. Practice Problems 1. Chapter 8: 2-4, 7, 9-12 2. Working with Numbers and Graphs: 1, 3-5 II. SUBSTANCE A. Theory of the Firm: The Basics 1. Assumption 2. Profit a. Definition i. Total Revenue (TR) ii. Marginal Revenue (MR) iii. Total Cost (TC) α. Explicit β. Implicit iv. Marginal Cost (MC) b. Accounting c. Economic d. Maximizing rule: MR=MC e. Normal 3. Costs a. Total (TC) b. Fixed (FC) c.

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Unformatted text preview: Variable (VC) d. Marginal (MC) e. Average i. Total (ATC) ii. Fixed (AFC) iii. Variable (AVC) f. Average-Marginal Cost relationship g. Examples 4. Time a. Short run i. Definition b. Long run i. Definition 5. Returns to scale a. Economies of scale b. Diseconomies of scale c. Constant returns to scale III: NEXT TIME A. Begin Chapter 9: “Perfect Competition”...
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Menu_11_Oct_05 - Variable(VC d Marginal(MC e Average i...

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