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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