a) Profit

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Last updated 10:50 PM on 5/11/26
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4 Terms

1
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  • state how a firm can maximise its profits

  • by producing output at the level where MR = MC

2
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  • define explicit cost

  • define implicit cost

  • monetary payments for resources

  • potential loss of profit after certain decisions are made

3
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  • state the formula for marginal profit

  • state the formula for total profit

  • MP = MR - MC

    TP = TR - TC

    • TC including explicit and implicit costs

4
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  • state the level of output at which a firm makes a loss

  • state the level of output at which a firm produces normal profit

  • state the level of output at which a firm produces supernormal profit

  • TR < TC

  • TR = TC

  • TR > TC