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Maximizing Profit Through Cost Analysis
- 1. Chapter 7 The Theory of the Firm
- 5. Profits Economic (opportunity) Costs T O T A L R E V E N U E Profits to an Economist Profits to an Accountant Economic Profit Implicit costs (including a normal profit) Explicit Costs Accounting costs (explicit costs only) Accounting Profit
- 11. Returns to Scale Constant Returns To Scale Diseconomies Of Scale Economies Of Scale
- 13. Example