The first in a series of Microeconomics study resources that looks at firm theory, also known as the theory of the firm, a fundamental concept in economics that seeks to understand the behavior and decision-making processes of firms within an economy. It is a crucial part of microeconomics and provides insights into how businesses operate, produce goods and services, and interact with the market and other economic agents.
This resource looks into the concept of cost associated with production.
It looks at:
- Fixed and variable costs
- Total, average and marginal costs
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£1.50