Random Fact

2013 Median income for households in the United States was $51,939. It was $51,017 in 2012 and $51,100 in 2011. Asian Americans had the highest household incomes ($67,065), followed by whites ($58,270), Hispanics, ($40,963), and African Americans (34,598).
Source: www.census.gov

Unit 6: Profit Maximization of a Purely Competitive Firm

Section 1: The Four Industry Types and the Four Characteristics of Pure Competition
Section 2: Revenue, Costs, and Profit
Section 3: Average Revenue and Marginal Revenue
Section 4: Profit Maximization Using a Purely Competitive Firm's Cost and Revenue Curves
Section 5: Profit Maximization Using Data from a Table
Section 6: Long-Run Output and Profit Determination
Section 7: The Farming Industry
Test Your Knowledge!