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Chapter 10: The Derivative in Economics II

Chapter 10: The Derivative in Economics II

pp. 93-100

Authors

, London School of Economics and Political Science, , London School of Economics and Political Science
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Extract

This chapter studies the case of a small efficient firm in a perfectly competitive market. Breakeven and startup points are defined. Relationships between marginal cost, average cost and average variable cost at breakeven and startup points are investigated, and it is shown how to derive the supply set of such firms.

Keywords

  • efficient small firm
  • perfect competition
  • startup point
  • breakeven point
  • marginal cost
  • average cost
  • average variable cost
  • supply function of efficient small firm

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