{"id":376,"date":"2020-03-24T04:51:36","date_gmt":"2020-03-24T04:51:36","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/learning-outcome-profits-and-losses\/"},"modified":"2023-05-22T19:21:03","modified_gmt":"2023-05-22T19:21:03","slug":"learning-outcome-profits-and-losses","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/learning-outcome-profits-and-losses\/","title":{"raw":"Outcome: Profit and Losses in a Perfectly Competitive Market","rendered":"Outcome: Profit and Losses in a Perfectly Competitive Market"},"content":{"raw":"<h2>What you'll learn to do: measure variable and total costs as the area under the average variable and average total cost curves<\/h2>\nIn this outcome, you will analyze how perfectly competitive firms make output decisions about how much to produce. You'll look closer at a firm's cost curves to determine if a firm can afford to stay in business when prices are determined for them.\n\nThe specific things you\u2019ll learn in this section include:\n<ul>\n\t<li>Measure total revenues as the area under the average revenue curves<\/li>\n\t<li>Calculate and graphically illustrate profit and losses for a perfectly competitive firm<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\nThe learning activities for this section include:\n<ul>\n\t<li>Reading:&nbsp;Profits and Losses with the Average Cost Curve<\/li>\n\t<li>Simulation: Maximizing Profit<\/li>\n\t<li>Self Check: Profit and Losses in Competitive Markets<\/li>\n<\/ul>\nTake time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.","rendered":"<h2>What you&#8217;ll learn to do: measure variable and total costs as the area under the average variable and average total cost curves<\/h2>\n<p>In this outcome, you will analyze how perfectly competitive firms make output decisions about how much to produce. You&#8217;ll look closer at a firm&#8217;s cost curves to determine if a firm can afford to stay in business when prices are determined for them.<\/p>\n<p>The specific things you\u2019ll learn in this section include:<\/p>\n<ul>\n<li>Measure total revenues as the area under the average revenue curves<\/li>\n<li>Calculate and graphically illustrate profit and losses for a perfectly competitive firm<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\n<p>The learning activities for this section include:<\/p>\n<ul>\n<li>Reading:&nbsp;Profits and Losses with the Average Cost Curve<\/li>\n<li>Simulation: Maximizing Profit<\/li>\n<li>Self Check: Profit and Losses in Competitive Markets<\/li>\n<\/ul>\n<p>Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.<\/p>\n","protected":false},"author":32,"menu_order":9,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-376","chapter","type-chapter","status-publish","hentry"],"part":359,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/users\/32"}],"version-history":[{"count":1,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/376\/revisions"}],"predecessor-version":[{"id":377,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/376\/revisions\/377"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/parts\/359"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/376\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=376"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapter-type?post=376"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=376"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}