The objectives of firms
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  • 1. ECON3 WWW.AQUINASECONOMICSA2.CO.UK @AQUINASECONOMIC The Objectives of Firms Answer all the questions below 1. Define the following terms a. Profits b. Total Revenue c. Average Revenue d. Marginal Revenue 2. Explain how you calculate Marginal Revenue 3. Draw an average total revenue and marginal revenue curve for both a perfect market and an imperfect market 4. Explain the traditional theory of the firm 5. Explain the concept of normal profit 6. Explain the term profit maximisation 7. With reference to Super Normal and Sub Normal explain these in relation to Profit