Unit III: Analysis of Cost and Revenue

Cost is the most important factor which influences the supply of commodities. Since the highest cost reduces the profits of the producer it is a very important factor to consider very seriously by the producer.

In this “Analysis of Cost and Revenue - Applied Economics” you will learn about following topics:

Nature and Types of Cost Curves
Concept of Costs
Types of Costs
Time and Costs
Short Run Period
Short Run Total Costs and Curves
Short Run Average Cost and Curves
Short Run Marginal Cost (MC)
Long Run Period
Long-Run Cost Curves
The relation between Average Cost and Marginal Cost Curve
Nature and Type of Revenue Curve
Concept of Revenue
Derivation of TR, AR and MR Curve under Different Market Structure
Perfect Competition
Imperfect Competition (Monopoly)

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