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Theory of Costs and Revenue

6 Lessons 10 mins


a. The concepts of cost: Fixed, Variable, Total Average and Marginal
b. The concepts of revenue: Total, average and marginal revenue;
c. Accountants’ and Economists’ notions of cost
d. Short-run and long-run costs
e. The marginal cost and the supply curve of firm.


Candidates should be able to:

(i) explain the various cost concepts
(ii) differentiate between accountants’ and economists’ notions of costs
(iii) interpret the short-run and long-run costs curves
(iv) establish the relationship between marginal cost and supply curve.
(v) explain the various revenue concepts.

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