LIVERPOOL CHAMPIONS 24-25

<7.5 TYPES OF COST, REVENUE, AND PROFIT, SR AND LR PRODUCTION>

--7.5.1 SHORT-RUN PRODUCTION FUNCTION--

--FIXED AND VARIABLE FOPs-

--TOTAL, AVERAGE & MARGINAL PRODUCT--

--LAW OF DIMINISHING RETURNS--

--7.5.2 SHORT-RUN COST FUNCTION--

--DEFINITION AND CALCULATION OF FC & VC--

--DEFINITION AND CALCULATION OF TC, AC, MC, ATC, TFC, AFC, TVC, AVC--

--SHAPE OF SR AC & MC CURVES--

--7.5.3 LONG-RUN PRODUCTION FUNCTION-

--ALL VARIABLE FACTORS--

--RETURNS TO SCALE--

--7.5.4 LONG-RUN COST FUNCTION-

--SHAPE OF LR AC CURVE--

--MINIMUM EFFICIENT SCALE--

--7.5.5 ECONOMIES OF SCALE & FALLING AVERAGE COSTS-

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--7.5.6 INTERNAL & EXTERNAL ECONOMIES OF SCALE-

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--7.5.7 INTERNAL & EXTERNAL DISECONOMIES OF SCALE-

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--7.5.8 DEFINITION & CALCULATION OF TR, AR, MR-

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--7.5.9 DEFINITION OF NORMAL, SUBNORMAL AND SUPERNORMAL PROFIT-

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--7.5.10 CALCULATION OF SUPERNORMAL & SUBNORMAL PROFIT-

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