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EC-0005 (25)
Lecture

Supply Curves.docx

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Department
Economics
Course
EC-0005
Professor
George Norman
Semester
Spring

Description
04/10/2014 SECTION 6 Maximizing profit for firm in any market Point at which MR = MC Point with greatest difference between TR and TC Perfectly competitive Demand curve is horizontal line AR = MR = P Average revenue = market price (AR = P) Marginal revenue = market price (MR = P)  MR & MC relationship When MR > MC, profit increases as output increases When MR  ATC means firm makes a profit P = ATC means firm breaks even (TC = TR) P 
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