Cost and Revenue Analysis | Cost ISC Class 12 |

Cost and Revenue Analysis | ISC Class 12 Economics | ‪@star_commerce‬
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Cost and revenue: Basic concepts of cost; fixed cost, variable cost, total cost, marginal
cost and average cost – their relationships; opportunity cost; short run and long run cost
curves. Revenue: meaning; average revenue, marginal revenue and total revenue and their
relationships under perfect competition and imperfect competition, Producer’s equilibrium.
Basic concepts – private cost, economic cost, social cost, money cost, real cost, explicit
cost, implicit cost.
Cost concepts – Fixed cost, variable cost, total cost, marginal cost, average cost with
schedule and diagram; relationship between average cost, marginal cost, total cost (only
concepts of long run and short run cost curves, derivations not required). Opportunity cost – meaning only. Difference between accounting cost and opportunity cost.
Revenue – Average revenue, marginal revenue, total revenue – concepts and relationships under perfect competition and imperfect competition. Producer’s equilibrium (Profit maximization goal) –meaning; conditions: (a) TR and TC approach along with diagram (b) MR and MC approach along with diagram