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In business if the revenue you generate exceeds the costs you incur, you
earn a positive profit.
If your costs exceed your revenue, your profit is negative (i.e., you incur a
Profit TR TC
Remember, TR P Q
If a supplier faces a downward-sloping dema
One of the main objectives of consumers is to maximize their
net gains from their voluntary participation in markets. That is,
they attempt to MAXIMIZE.
Consumers attempt to maximize their consumer surplus.
Consumers attempt to maximize the satisfa
Adamson vs. Makers Mark
Long Arm Statue
The Long Arm Statue is the process of bringing one party in from out of state. For Mr.
Adamson to be able to use the Long Arm Statue, he was able to prove 2 things. First is
minimum contact and s
People often think of markets as being characterized by
intense competition. I think they are better understood as
systems of intense cooperation. -unknown
The revenue potential of a supplier is ultimately determined by the
demand that supplier faces.
PERFECT COMPETITION - PRACTICE PROBLEMS
Again, the practice problems here should be helpful in checking your knowledge of the
material. Do not assume that these practice problems are not the wherewithal to learning the
material. You should study the mater