43. Average Total Costs = ATC = TC Ć· Q
Total Costs = TC = FC +VC
Proļ¬t = TR - TC
Total Revenue = TR = Price x Q
Total Costs = TC = ATC x Q
44. Production Equations
Total Costs = FC +VC
Total Costs = $3,000 + $3Q
$0
$1,750
$3,500
$5,250
$7,000
0 500 1000
Total Revenue = Pā¢Q
Total Revenue = $7Q
48. Marginal Cost
MC
Q
P
Marginal Revenue MR
Monopoly
Average Cost
ATC
Cost
$
Q
Proļ¬t
Demand
Deadweight
Loss
Consumer
Surplus
1. MR=MC?
2.TR= P x Q
3.TC=ATC x Q
4. Proļ¬t =TR-TC
or (P-ATC) x Q
49. Q
$
Short Run
Long Run
D
MR
MC
ATCProļ¬t
Proļ¬ts disappear
in the long run
due to
competition
High Price
Large Quantity
Lower Price
Lower Quantity
QSQ
PPS
L
L
Demand Flattens
Proļ¬t
Monopolistic Competition
84. And Nothing Shall
Offend Them
However, it ultimately is
impossible for another person
to offend you or to offend me.
Indeed, believing that another
person offended us is
fundamentally false.
To be offended is aĀ choiceĀ we
make; it is not a condition
inflicted or imposed upon us by
someone or something else.
Elder David A. Bednar
85. Born to Choose
Middle English chosen, from Old English
ceosan; akin to Old High German kiosan
to choose, Latin gustare to taste.