Unformatted text preview: of the firm. By revenue we mean money value of the output at market price. Similarly total cost is in money units at the market price of inputs. Profit = (TR TC)max A firm attempts to maximize the difference between TR and TC by maximizing the value of TR or minimizing the value of TC or by doing both....
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This note was uploaded on 11/26/2011 for the course EC ec 201 taught by Professor - during the Fall '10 term at Montgomery.
- Fall '10