Menu_23_Feb_11

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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This note was uploaded on 05/12/2011 for the course ECON 2030 taught by Professor Bong during the Spring '07 term at LSU.

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