Chapter+13+***

media type="youtube" key="jNL9PNfrKZI" height="344" width="425" Summary: The goals of firms are to maximize profit and minimize TC. In The Economic profit, it is total revenue minus Explicit cost and Implicit cost. The production function turns flatter as diminishing product comes into effect. The firm's cost are divided into two types of cost; Variable Cost and Fixed Cost. Marginal Cost rises as Quantity Rises. AC falls as output increases, then rises later.