This preview shows page 1. Sign up to view the full content.
Unformatted text preview: 2. Marginal Revenue (MR) = 3. Total Cost (TC) = explicit payments to the factors of production plus the opportunity cost of the factors provided by the owners of the firm a. Explicit = actual costs incurred by the firm b. Implicit = includes the opportunity costs of the factors of production c. Marginal Cost (MC) =...
View Full Document
This note was uploaded on 12/09/2009 for the course ECON 2030 taught by Professor Bong during the Spring '07 term at LSU.
- Spring '07
- Deadweight Loss