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Video tutorials - Economics: Introductory Microeconomics - Producer Behaviour and Supply (Central Board of Secondary Education (CBSE))

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shaalaa.com | Revenue Part 1

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Revenue Part 1 [00:21:29]
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  • Meaning of Production function - Short-Run and Long-Run
  • Total Product, Average Product and Marginal Product. Returns to a Factor Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships.
  • Revenue - total, average and marginal revenue - meaning and their relationships.
  • Producer's equilibrium-meaning and its conditionsin terms of marginal revenue-marginal cost.
  • Supply, market supply, determinants of supp y, supply schedule, supply curve andits slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply - (a) percentage-change method and (b) geometric method.
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