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Tags
#cfa #cfa-level-1 #economics #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Question
TC can be defined as [...] or [...] , depending on the objectives and requirements of the analyst for evaluating profit.
Answer
accounting costs

economic costs

Tags
#cfa #cfa-level-1 #economics #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Question
TC can be defined as [...] or [...] , depending on the objectives and requirements of the analyst for evaluating profit.
Answer
?

Tags
#cfa #cfa-level-1 #economics #lol #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-2-objectives-of-the-firm #study-session-4
Question
TC can be defined as [...] or [...] , depending on the objectives and requirements of the analyst for evaluating profit.
Answer
accounting costs

economic costs
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TC can be defined as accounting costs or economic costs, depending on the objectives and requirements of the analyst for evaluating profit.

Original toplevel document

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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