3.3 Revenues, costs and profits Flashcards

1
Q

a) Formulae to calculate and understand the relationship
between:
o total revenue
o average revenue
o marginal revenue

A
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2
Q

b) Price elasticity of demand and its relationship to revenue
concepts (calculation required)

A
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3
Q

a) Formulae to calculate and understand the relationship
between:
o total cost
o total fixed cost
o total variable cost
o average (total) cost
o average fixed cost
o average variable cost
o marginal cost

A
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4
Q

b) Derivation of short-run cost curves from the assumption
of diminishing marginal productivity

A
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5
Q

c) Relationship between short-run and long-run average
cost curves

A
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6
Q

a) Types of economies and diseconomies of scale (internal/external)

A
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7
Q

b) Minimum efficient scale

A
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8
Q

c) Distinction between internal and external economies of
scale

A
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9
Q

a) Condition for profit maximisation

A
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10
Q

b) Normal profit, supernormal profit and losses

A
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11
Q

c) Short-run and long-run shut-down points: diagrammatic
analysis

A
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12
Q

revenue - perfect vs imperfect competition

A
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13
Q

revenue EVALUATION

A
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14
Q

explain returns to scale

A
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15
Q

costs EVALUATION

A
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16
Q

impacts of internal vs external EOS

A
17
Q

types of internal & external DEOS

A
18
Q

EOS small firm vs large firm

A
19
Q

EOS evaluation

A
20
Q

accounting profit vs economic profit

A
21
Q

shut down point (SR&LR)

A
22
Q

role of profit in the economy

A