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Economics Lecture Seven (view source)

Revision as of 04:39, October 17, 2009

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→‎Review: Cost Measures: done

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*AVC is TVC/Q

*MC is the difference in cost between the specified Q and the good produced before it

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Master the above and you will both ace exams and be able to run a successful business. Experienced business managers state that profitability is made by reducing expenses. This has certainly been true for Wal-Mart. It is constantly driving costs down with its suppliers. Remember: a penny saved is a penny earned. Actually, due to taxes, saving a penny is sometimes worth more than a penny earned.

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