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#cfa #cfa-level-1 #economics #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm

The candidate should be able to:

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

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

  3. describe a firm’s factors of production;

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

  5. determine and describe breakeven and shutdown points of production;

  6. describe approaches to determining the profit-maximizing level of output;

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

  8. distinguish between short-run and long-run profit maximization;

  9. distinguish among decreasing-cost, constant-cost, and increasing-cost industries and describe the long-run supply of each;

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

  11. describe the phenomenon of diminishing marginal returns and calculate and interpret the profit-maximizing utilization level of an input;

  12. 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 profit-maximizing level of output; describe how economies of scale and diseconomies of scale affect costs; distinguish between short-run and long-run profit maximization; distinguish among decreasing-cost, constant-cost, and increasing-cost industries and describe the long-run 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 profit-maximizing utilization level of an input; determine the optimal combination of resources that minimizes cost.


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