Random Fact

In 2015, Malaysia had a population of 30.5 million people, a labor force of 14.1 million people, and an unemployment rate of 2.9%. Its 2014 per capita GDP was $24,500, and real GDP growth rate was 5.9% (CIA World Fact Book).

Unit 6: Profit Maximization of a Purely Competitive Firm

Introduction
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!