Textbook notes
ECON1: Profits, Prices, and Costs Under Competition
- Course
- Microeconomics (ECON1)
- Institution
- University Of California - Santa Barbara
Introduction to basic Microeconomic equations including: Price Elasticity of Demand, Marginal Revenue, Marginal Cost, Total Revenue, and Profit. Discusses when firms should enter and exit the market and why zero profits (normal profits) are important. Speaks upon the First Invisible-Hand Property b...
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