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Lecture

Cost, product, diminishing law.docx

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Department
Economics
Course
ECON101
Professor
Yasser Fahmy
Semester
Winter

Description
The market forces of supply and DemandSupply and demand are the two words that economists use most often Supply and demand are the forces that make market economies workModern microeconomics is about supply demand and market equilibriumWhat are costsAccording to the Law of Supply Firms are willing to produce and sell a greater quantity of a good when the price of the good is high This results in a supply curve that slopes upwardThe Firms ObjectiveThe economic goal of the firm is to maximize profits Total Revenue Total Cost and ProfitTotal Revenue The amount a firm receives for the sale of its output Total costThe market value of the inputs a firm uses in productionProfit is the firms total revenue minus its total c
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