The Costs of Production Chapter 13 Copyright © 2004 by South-Western,a division of Thomson Learning.
Chapter 9 – Profit maximization. Profit maximization Economic profit = total revenue - all economic costs Economic profit = total revenue - all economic.
Section V Firm Behavior and the Organization of Industry.
Principles of Economics Session 5. Topics To Be Covered Categories of Costs Costs in the Short Run Costs in the Long Run Economies of Scope.
