Class Notes (807,726)
Canada (492,831)
Economics (219)
ECON 1010 (102)
Lecture 72

ECON 1010 Lecture 72: Lecture 72

3 Pages
Unlock Document

University of Manitoba
ECON 1010
Laura K.Brown

OS98 Principles of Microeconomics CHAPTER 13 – The Costs of Production: What Are Costs?: Total Revenue, Total Cost, and Profit: 1. Economists normally assume that the goal of a firm is to maximize profit 2. Total revenue (for a firm): the amount a firm receives for the sale of its output 3. Total Cost: the market value of the inputs a firm uses in production 4. Profit: total revenue minus total cost o Profit ( ) = TR-TC 1. Goal is to drive the largest wedge between revenue and cost 5. Total revenue equals the quantity of output the firm produces times the price at which it sells its output 1. TR = Q X P Costs as Opportunity Costs: 1. Opportunity cost is the cost of something is what you give up to get it 2. When economists speak of a firms cost of production, they include all the opportunity costs of making its output of goods and services 1. Explicit costs: input costs t
More Less

Related notes for ECON 1010

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.