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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
TR is a function of output and product price as determined by the firm’s product market.
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2. OBJECTIVES OF THE FIRM
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 markets. <span>TR is a function of output and product price as determined by the firm’s product market. 2.1. Types of Profit Measures The economics discipline has its own concept of profit, which differs substantially from what accountants consider profit.


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