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01:220:102 Lecture 16: 01:220:102 Lecture 6: econ notes (LECTURES 1-6, all in one doc)

United States

Introduction to Microeconomics

Economic

goldband

Rutgers University

01:220:102 Lecture Notes - Lecture 15: Cost Curve, Average Variable Cost, Marginal Cost

Economic costs: payment that must be made to obtain and retain the service of a resource. Includes normal profit: minimum income the entrepreneur must 

01:220:102 Lecture Notes - Lecture 17: Average Variable Cost, Perfect Competition, Fixed Cost

We use economic profits, which includes implicit costs. It is normal for a firm"s economic fromit to be zero. If tr &gt; tc, the firm is profitable. If

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01:220:102 Lecture 16: 01:220:102 Lecture 6: econ notes (LECTURES 1-6, all in one doc)

01:220:102 Lecture Notes - Lecture 15: Cost Curve, Average Variable Cost, Marginal Cost

01:220:102 Lecture 16: 01:220:102 Lecture 6: econ notes (LECTURES 1-6, all in one doc)

01:220:102 Lecture Notes - Lecture 17: Average Variable Cost, Perfect Competition, Fixed Cost

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