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Defines total costs - PowerPoint PPT Presentation

Economic Profit, Production and Economies of Scale

Economic Profit, Production and Economies of Scale. By the end of this Section you should be able to:. Calculate and define: 2 kinds of Profit 2 kinds of associated costs Production Total Product (TP) Marginal Product (MP) Increasing, decreasing and negative marginal returns

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Defines total costs - PowerPoint PPT Presentation

Economic Profit, Production and Economies of Scale