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UNIT 7:

UNIT 7:. Firm Costs, Revenues, and Profits. Key Topics. Cost concepts Cash and Non Cash Variable and Fixed Total: TFC, TVC, TC Average: AFC, AVC, ATC, AVC & AP Marginal: MC, MC & MP Revenue concepts Total Marginal Profit concepts Profit maximizing output Firm & market supply.

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Today

Today. Begin Monopoly. Monopoly. Chapter 22. Four Basic Models. Monopolistic Competition = Some firms. Monopoly = One firm. Oligopoly = A few firms. Perfect Competition = Many firms. Profit-Maximizing Monopolist. Suppose only one seller in the market.

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Chapter 7:

Chapter 7:. Impacts of Output Decisions on Short-Run Costs, Revenues, and Profits for Competitive Firms. Key Topics. Cost concepts Cash and Non Cash Variable and Fixed Total: TFC, TVC, TC Average: AFC, AVC, ATC, AVC & AP Marginal: MC, MC & MP Revenue concepts Total Marginal

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UNIT 7:

Today

Chapter 7: