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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
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 determination of profit.
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2. OBJECTIVES OF THE FIRM
  Π = TR – TC where Π is profit, TR is total revenue, and TC is total costs. TC can be defined as accounting costs or economic costs, depending on the objectives and requirements of the analyst for evaluating profit. <span>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 determination of profit. Key variables that determine TC are the level of output, the firm’s efficiency in producing that level of output when utilizing inputs, and resource prices as established by resource ma


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