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#cfa #cfa-level-1 #economics #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
TC can be defined as accounting costs or economic costs, depending on the objectives and requirements of the analyst for evaluating profit.
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2. OBJECTIVES OF THE FIRM
ms as the difference between total revenue and total costs, profit maximization involves the following expression: Equation (1)  Π = TR – TC where Π is profit, TR is total revenue, and TC is total costs. <span>TC can be defined as accounting costs or economic costs, depending on the objectives and requirements of the analyst for evaluating profit. The characteristics of the product market, where the firm sells its output or services, and of the resource market, where the firm purchases resources, play an important role in the det


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