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Menu_23_Feb_11 - Costs a Total(TC b Fixed(FC c Variable(VC...

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TODAY’S MENU: Wednesday 23 February 2011 I. BUSINESS A. Practice Problems 1. Chapter 12: 1-3, 7-10, 12, 15 II. SUBSTANCE A. Theory of the Firm: The Basics 1. Profit a. Definitions 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 f. Examples 2.
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Unformatted text preview: Costs a. Total (TC) b. Fixed (FC) c. Variable (VC) d. Marginal (MC) e. Average i. Total (ATC) ii. Fixed (AFC) iii. Variable (AVC) f. Average/Marginal cost relationship g. Examples 3. Time a. Short run i. Definition b. Long run i. Definition III. NEXT TIME A. Begin Chapter 14: “Perfect Competition”...
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