WASSCE Economics · Production & Factors of Production
Concepts of Cost and Revenue
Fixed and variable costs, average and marginal cost, total and marginal revenue, with worked examples.
- lessons
- 2
- of study
- 14 min
- free to read
- 1
Across the topic: 9 sections · 4 worked examples · 4 diagrams
Topic content
Lessons in this topic
2 lessons · 14 min
- 1Fixed, variable, average and marginal costs7 minFree7 minFree
- Fixed and variable costs
- The cost formulas
- What the table shows
- Other cost concepts
- Short run and long run
1 worked example · 2 diagrams
- 2Revenue and profit maximisation7 min Plan7 min Plan
- Revenue
- Case 1: the price stays the same
- Case 2: the price falls as more is sold
- Profit and the profit-maximising rule
3 worked examples · 2 diagrams
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