Cost concepts and curves, revenue concepts and producer’s equilibrium.
Money, opportunity, economic, real, private and social cost.
Short-run fixed cost, variable cost, total cost and their curves.
AFC, AVC, AC, MC and numerical applications.
U-shaped cost curves and the relationship between MC, AVC and AC.
LAC, LMC, economies of scale and diseconomies of scale.
Total revenue, average revenue and marginal revenue.
TR, AR and MR under perfect and imperfect competition.
Profit maximisation using the TR–TC and MR–MC approaches.