Total cost (TC), average total cost (ATC), fixed cost (FC), variable cost (VC), average fixed cost (AFC), average variable cost (AVC).
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Calculation of TC, ATC, FC, VC, AFC and AVC.
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Definition, drawing and interpretation of diagrams that show how changes in output affect costs of production.
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Total revenue (TR) and average revenue (AR). Note: marginal revenue is not required.
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Calculation of TR and AR.
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The influence of sales on revenue.
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Survival, social welfare, profit maximisation and growth.
*Unit 3 review
Note: marginal cost (MC) not required.
Questions with suggested solutions
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