{"id":452,"date":"2020-03-24T04:51:39","date_gmt":"2020-03-24T04:51:39","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/learning-outcome-calculating-cost-and-revenue\/"},"modified":"2023-05-22T19:21:09","modified_gmt":"2023-05-22T19:21:09","slug":"learning-outcome-calculating-cost-and-revenue","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/chapter\/learning-outcome-calculating-cost-and-revenue\/","title":{"raw":"Outcome: Calculating Cost and Revenue","rendered":"Outcome: Calculating Cost and Revenue"},"content":{"raw":"<h2>What you'll learn to do: calculate and graph the firm's fixed, variable, average, marginal and total costs<\/h2>\nIn this section, you&nbsp;will learn how to analyze the cost and revenue curves related to monopolistically competitive firms and use these graphs to determine the best price and quantity for a firm's product.\n\nHere are some&nbsp;of the&nbsp;specific things you\u2019ll learn to do in this section:\n<ul>\n\t<li>Measure variable and total costs as the area under the average variable and average total cost curves<\/li>\n\t<li>Calculate and graph the firm's average, marginal and total revenues;<\/li>\n\t<li>Measure total revenues as the area under the average revenue curves<\/li>\n\t<li>Determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs<\/li>\n\t<li>Calculate and graphically illustrate profit and losses for a monopolistically competitive firm<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\nThe learning activities for this section include the following:\n<ul>\n\t<li>Reading: Choosing Price and Quantity<\/li>\n\t<li>Self Check: Calculating Cost, Revenue, Profit and Losses<\/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: calculate and graph the firm&#8217;s fixed, variable, average, marginal and total costs<\/h2>\n<p>In this section, you&nbsp;will learn how to analyze the cost and revenue curves related to monopolistically competitive firms and use these graphs to determine the best price and quantity for a firm&#8217;s product.<\/p>\n<p>Here are some&nbsp;of the&nbsp;specific things you\u2019ll learn to do in this section:<\/p>\n<ul>\n<li>Measure variable and total costs as the area under the average variable and average total cost curves<\/li>\n<li>Calculate and graph the firm&#8217;s average, marginal and total revenues;<\/li>\n<li>Measure total revenues as the area under the average revenue curves<\/li>\n<li>Determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs<\/li>\n<li>Calculate and graphically illustrate profit and losses for a monopolistically competitive firm<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li>Reading: Choosing Price and Quantity<\/li>\n<li>Self Check: Calculating Cost, Revenue, Profit and Losses<\/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":7,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-452","chapter","type-chapter","status-publish","hentry"],"part":443,"_links":{"self":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/452","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\/452\/revisions"}],"predecessor-version":[{"id":453,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/452\/revisions\/453"}],"part":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/parts\/443"}],"metadata":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapters\/452\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/media?parent=452"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/pressbooks\/v2\/chapter-type?post=452"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/contributor?post=452"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.ccconline.org\/accanderssenmicro\/wp-json\/wp\/v2\/license?post=452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}