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#cfa-level-1 #economics #microeconomics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit #study-session-4
In the theory of the firm, averages and marginals are calculated with respect to the quantity produced and sold in a single period (as opposed to averaging a quantity over a number of time periods).
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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS
al, average, and marginal. A total is the summation of all individual components. For example, total cost is the summation of all costs that are incurred by the business. Total revenue is the sum of the revenues from all the business’s units. <span>In the theory of the firm, averages and marginals are calculated with respect to the quantity produced and sold in a single period (as opposed to averaging a quantity over a number of time periods). For example, average revenue is calculated by dividing total revenue by the number of items sold. To calculate a marginal term, take the change in the total and divide by the change in


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