Firms’ Costs, Revenue And Objectives
Akopọ
Behind every price tag is a calculation. A firm has to cover its costs, earn revenue from its sales, and decide what it is really trying to achieve, whether that is survival, growth, social welfare or the largest possible profit. Get the arithmetic of costs and revenue right and you can explain almost any decision a business makes.
In this lesson you will define and calculate every cost a firm faces, fixed, variable, total and their averages, work out total and average revenue, see how output and sales change them, and weigh up the different objectives a firm might pursue. These are the building blocks of how firms behave.
Awọn Afojusun
- total cost (TC), average total cost (ATC), fixed cost (FC), average fixed cost (AFC), variable cost (VC), average variable cost (AVC)
- calculation of TC, ATC, FC, AFC, VC and AVC
- drawing and interpretation of diagrams that show how changes in output affect costs of production
- definitions of total revenue (TR) and average revenue (AR)
- calculation of TR and AR
- the influence of sales on revenue
- survival, social welfare, profit maximisation and growth
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Oriire fun ipari ẹkọ lori Firms’ Costs, Revenue And Objectives. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.
Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.
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- Which of the following is a fixed cost? A. raw materials B. monthly factory rent C. wages of production workers D. delivery fuel Answer: B
- A firm has total cost $12,000 at an output of 600 units. Its average total cost is: A. $12 B. $20 C. $200 D. $7,200,000 Answer: B
- Total revenue is calculated as: A. price minus cost B. price multiplied by quantity sold C. total cost divided by output D. quantity divided by price Answer: B
- If a firm sells 800 units for total revenue of $4000, its average revenue is: A. $0.20 B. $5 C. $50 D. $3200 Answer: B
- As a firm increases output, its average fixed cost will: A. rise B. fall C. stay the same D. become negative Answer: B
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Awọn Iwe Itọsọna Ti a Gba Nimọran
Ẹ̀kọ́ síwájú láti àwọn orísun ṣíṣí
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Abala ìwé ẹ̀kọ́
Costs in the Short Run
Understand the relationship between production and costs
"Principles of Economics 2e: Costs in the Short Run" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/7-3-costs-in-the-short-run. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
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Abala ìwé ẹ̀kọ́
How Perfectly Competitive Firms Make Output Decisions
Calculate profits by comparing total revenue and total cost
"Principles of Economics 2e: How Perfectly Competitive Firms Make Output Decisions" by OpenStax, OpenStax, Rice University, licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). Source: https://openstax.org/books/principles-economics-2e/pages/8-2-how-perfectly-competitive-firms-make-output-decisions. Access for free at https://openstax.org/books/principles-economics-2e/pages/1-introduction
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