{"id":942,"date":"2015-04-30T21:44:26","date_gmt":"2015-04-30T21:44:26","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterymicro1xngcxmaster\/?post_type=chapter&#038;p=942"},"modified":"2015-07-16T23:55:26","modified_gmt":"2015-07-16T23:55:26","slug":"learning-outcome-calculating-cost-and-revenue","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/learning-outcome-calculating-cost-and-revenue\/","title":{"raw":"Outcome: Calculating Cost and Revenue","rendered":"Outcome: Calculating Cost and Revenue"},"content":{"raw":"<h2>What you'll learn to do: calculate and graph the firm's fixed, variable, average, marginal and total costs<\/h2>\r\nIn this section, you\u00a0will learn how to analyze the cost and revenue curves related to monopolistically competitive firms and use these graphs to determine the best price and quantity for a firm's product.\r\n\r\nHere are some\u00a0of the\u00a0specific things you\u2019ll learn to do in this section:\r\n<ul>\r\n\t<li>Measure variable and total costs as the area under the average variable and average total cost curves<\/li>\r\n\t<li>Calculate and graph the firm's average, marginal and total revenues;<\/li>\r\n\t<li>Measure total revenues as the area under the average revenue curves<\/li>\r\n\t<li>Determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs<\/li>\r\n\t<li>Calculate and graphically illustrate profit and losses for a monopolistically competitive firm<\/li>\r\n<\/ul>\r\n<h3>LEARNING ACTIVITIES<\/h3>\r\nThe learning activities for this section include the following:\r\n<ul>\r\n\t<li>Reading: Choosing Price and Quantity<\/li>\r\n\t<li>Self Check: Calculating Cost, Revenue, Profit and Losses<\/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: calculate and graph the firm&#8217;s fixed, variable, average, marginal and total costs<\/h2>\n<p>In this section, you\u00a0will learn how to analyze the cost and revenue curves related to monopolistically competitive firms and use these graphs to determine the best price and quantity for a firm&#8217;s product.<\/p>\n<p>Here are some\u00a0of the\u00a0specific things you\u2019ll learn to do in this section:<\/p>\n<ul>\n<li>Measure variable and total costs as the area under the average variable and average total cost curves<\/li>\n<li>Calculate and graph the firm&#8217;s average, marginal and total revenues;<\/li>\n<li>Measure total revenues as the area under the average revenue curves<\/li>\n<li>Determine the profit maximizing output level and price; is able to calculate and graphically illustrate where marginal revenue equals marginal costs<\/li>\n<li>Calculate and graphically illustrate profit and losses for a monopolistically competitive firm<\/li>\n<\/ul>\n<h3>LEARNING ACTIVITIES<\/h3>\n<p>The learning activities for this section include the following:<\/p>\n<ul>\n<li>Reading: Choosing Price and Quantity<\/li>\n<li>Self Check: Calculating Cost, Revenue, Profit and Losses<\/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-942\">\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":5,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"\",\"author\":\"Steven Greenlaw and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"cceab570-bf44-40a2-8611-691805e7f25b","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-942","chapter","type-chapter","status-publish","hentry"],"part":32,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/942","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":11,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/942\/revisions"}],"predecessor-version":[{"id":4174,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/942\/revisions\/4174"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/parts\/32"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/942\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/media?parent=942"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=942"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/contributor?post=942"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/wp-json\/wp\/v2\/license?post=942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}