**Theory of Costs and Revenue**

6 Lessons 10 mins

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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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Total Cost

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The Concepts of Revenue

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Short-Run Costs

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Long-Run Costs

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Exponents

Operators

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Relational

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Advanced

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