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#cfa #cfa-level-1 #economics #introduction #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #study-session-4
The theory of the firm , the subject of this reading, is the study of the supply of goods and services by profit-maximizing firms.
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1. INTRODUCTION
icroeconomics gives rise to the theory of the consumer and theory of the firm as two branches of study. The theory of the consumer is the study of consumption—the demand for goods and services—by utility-maximizing individuals. <span>The theory of the firm , the subject of this reading, is the study of the supply of goods and services by profit-maximizing firms. Conceptually, profit is the difference between revenue and costs. Revenue is a function of selling price and quantity sold, which are determined by the demand and supply behavior in the


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