{"id":900,"date":"2015-04-29T21:14:47","date_gmt":"2015-04-29T21:14:47","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterymicro1xngcxmaster\/?post_type=chapter&#038;p=900"},"modified":"2015-07-17T00:11:21","modified_gmt":"2015-07-17T00:11:21","slug":"learning-outcome-profits-and-losses","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/learning-outcome-profits-and-losses\/","title":{"raw":"Outcome: Profit and Losses in a Perfectly Competitive Market","rendered":"Outcome: Profit and Losses in a Perfectly Competitive Market"},"content":{"raw":"<h2>What you'll learn to do: measure variable and total costs as the area under the average variable and average total cost curves<\/h2>\r\nIn this outcome, you will analyze how perfectly competitive firms make output decisions about how much to produce. You'll look closer at a firm's cost curves to determine if a firm can afford to stay in business when prices are determined for them.\r\n\r\nThe specific things you\u2019ll learn in this section include:\r\n<ul>\r\n\t<li>Measure total revenues as the area under the average revenue curves<\/li>\r\n\t<li>Calculate and graphically illustrate profit and losses for a perfectly competitive firm<\/li>\r\n<\/ul>\r\n<h3>LEARNING ACTIVITIES<\/h3>\r\nThe learning activities for this section include:\r\n<ul>\r\n\t<li>Reading:\u00a0Profits and Losses with the Average Cost Curve<\/li>\r\n\t<li>Simulation: Maximizing Profit<\/li>\r\n\t<li>Self Check: Profit and Losses in Competitive Markets<\/li>\r\n<\/ul>\r\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: measure variable and total costs as the area under the average variable and average total cost curves<\/h2>\n<p>In this outcome, you will analyze how perfectly competitive firms make output decisions about how much to produce. You&#8217;ll look closer at a firm&#8217;s cost curves to determine if a firm can afford to stay in business when prices are determined for them.<\/p>\n<p>The specific things you\u2019ll learn in this section include:<\/p>\n<ul>\n<li>Measure total revenues as the area under the average revenue curves<\/li>\n<li>Calculate and graphically illustrate profit and losses for a perfectly competitive firm<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\n<p>The learning activities for this section include:<\/p>\n<ul>\n<li>Reading:\u00a0Profits and Losses with the Average Cost Curve<\/li>\n<li>Simulation: Maximizing Profit<\/li>\n<li>Self Check: Profit and Losses in Competitive Markets<\/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\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-900\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li><strong>Authored by<\/strong>: Steven Greenlaw and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":74,"menu_order":9,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"9d07102e-6f76-4599-986e-72fff748788a","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-900","chapter","type-chapter","status-publish","hentry"],"part":29,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/users\/74"}],"version-history":[{"count":16,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/900\/revisions"}],"predecessor-version":[{"id":4181,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/900\/revisions\/4181"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/parts\/29"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/900\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=900"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=900"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=900"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}