PPT-Production and Costs: Profit

AP Economics Mr Bordelon Profit Profit T otal revenue minus total cost π means profit π TR TC Total revenue Price of output times the quantity sold TR PQ Total cost. WARM UP. Questions........ What is meant by? (2 marks). Explain two methods/ ways (4-6 marks). How could. ?. Recommend? (9 marks). Use the case study, when you state something back it up with a suggestion for the business.. Marginals. for linear functions. Break Even points. Supply and Demand Equilibrium. Applications with Linear Functions. Cost, Revenue, Profit, . Marginals. Cost: C(x) = variable costs + fixed costs. Revenue: R(x) = (price)(# sold). Based on:. Dominic Salvatore, Managerial Economics (Adopted by . Ravikesh. . Srivastava. ), OUP, 2009. M. L. . Ahuja. , Principles of Microeconomics, S. . Chand. 1. Profit theories. Schumpeter. Risk & Uncertainty. Ch. 19, R.A. Arnold, Economics 9. th. Ed. Business / Firms. In this chapter we study the economic actor: Business / Firm or Business Firm. In Ch. 2 we studied the economic activity of production. You should review those concepts and try to relate it to this chapter.. Presentation in Parliament. January 2017. Outline . Introduction and background information. Hemp products, different value chains, competition and global perspective. Global perspective and hemp product trade. Shane Murphy. www.lancaster.ac.uk/postgrad/murphys4. Cost and Production Questions. Key Concepts needed for these questions:. Perfectly competitive firms are price takers, so for them MR = P.. For . all. Production. [ 3.5 ] Costs of . Production. Learning Objectives. Explain how businesses decide how much labor to hire in order to produce a certain level of output.. Analyze the production costs of a business.. . colonialism. c. apacitors. e. lectrical. . tooth-brush. t. oner. . cartridge. w. ashers. . plastic. . vat. plastic. . gears. w. eak. . sole. testimony. “The VDID . is well aware that . planned . Workbook. We all have Profit Goals. Some have Sales Goals. . This workbook is a companion to episodes 3 & 4 of the Local Small Business Coach Podcast where we discuss How Local Small Businesses can hit their $100,000 Profit goal!. 1. Scarcity. 2. Scarcity. Resources are scarce. You can’t always get what you want so everyone must make choices.. Choices can be dependent on money but also time.. Why do individuals have to make choices? . Previously. Externalities . exist when social costs (benefits) differ from internal costs (benefits).. It may be possible to correct for externalities by discouraging (encouraging) activities that harm (benefit) third parties.. What is meant by? (2 marks). Explain two methods/ ways (4-6 marks). How could. ?. Recommend? (9 marks). Use the case study, when you state something back it up with a suggestion for the business.. 9 marks – Assess – advantages and disadvantages, evaluation . IB Business & Management. IB2 Higher Level. Objectives. By the end of the lesson, students should be able to: -. To classify costs as fixed, variable, semi-variable, direct, indirect . To understand the importance of profit quality . This critical point is known as the Breakeven Point.. It is where you have sold enough items to break even.. The bigger the profit margin per item – the less items you need to sell to breakeven.. Types of Costs.