Extracted from ECS2601 2019 June examination question paper
Summary Calculations of Cost of Production
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See AllUpdated version Profit = TR - TC = (P × Q) - TC = (P × Q) - (TFC + TVC) = (P × Q) - TFC - TVC = (P × Q) - (ATC × Q) TR = P × Q =...
Of the study of Economics is how individuals make decisions to satisfy their unlimited needs and wants using scarce/limited resources....
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