Microeconomic Decision Makers · 5 question types
Past paper frequency (2018 to 2024)
This topic accounts for approximately 10% of your exam marks.
Fixed vs variable costs, profit calculations, and average cost appear regularly across both Section A and Section B questions.
Cost is only half the story. The other half is what the firm gets paid.
(TR) = the selling price multiplied by the number of units sold. In short form,
TR = P × Q.(AR) =
TR ÷ Q. For a firm selling at a single price, this is the same as the price.