#cfa #cfalevel1 #economics #lol #microeconomics #reading15demandandsupplyanalysisthefirm
The candidate should be able to:

calculate, interpret, and compare accounting profit, economic profit, normal profit, and economic rent;

calculate and interpret and compare total, average, and marginal revenue;

describe a firm’s factors of production;

calculate and interpret total, average, marginal, fixed, and variable costs;

determine and describe breakeven and shutdown points of production;

describe approaches to determining the profitmaximizing level of output;

describe how economies of scale and diseconomies of scale affect costs;

distinguish between shortrun and longrun profit maximization;

distinguish among decreasingcost, constantcost, and increasingcost industries and describe the longrun supply of each;

calculate and interpret total, marginal, and average product of labor;

describe the phenomenon of diminishing marginal returns and calculate and interpret the profitmaximizing utilization level of an input;

determine the optimal combination of resources that minimizes cost.
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LEARNING OUTCOMES
The candidate should be able to:
calculate, interpret, and compare accounting profit, economic profit, normal profit, and economic rent;
calculate and interpret and compare total, average, and marginal revenue;
describe a firm’s factors of production;
calculate and interpret total, average, marginal, fixed, and variable costs;
determine and describe breakeven and shutdown points of production;
describe approaches to determining the profitmaximizing level of output;
describe how economies of scale and diseconomies of scale affect costs;
distinguish between shortrun and longrun profit maximization;
distinguish among decreasingcost, constantcost, and increasingcost industries and describe the longrun supply of each;
calculate and interpret total, marginal, and average product of labor;
describe the phenomenon of diminishing marginal returns and calculate and interpret the profitmaximizing utilization level of an input;
determine the optimal combination of resources that minimizes cost.
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