Chapter 7 of 19
Concept Maps
Concepts Of Cost And Revenue — Concept Maps
ICSE · Class 12 · Economics
4 concept maps of Concepts Of Cost And Revenue for ICSE Class 12 Economics, each also written out as a text outline. Covers Producer’s Equilibrium.
45 questions38 flashcards12 formulas & key relations5 concepts
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4 Concept Maps
Complete Overview: Concepts of Cost and Revenue
The map in words
- Cost and Revenue
- Concepts of Cost
- Economic Cost
- Explicit Cost
- Wages Paid
- Rent Paid
- Raw Material
- Implicit Cost
- Own Land Rent
- Own Capital Interest
- Normal Profit
- Explicit Cost
- Other Cost Concepts
- Opportunity Cost
- Next Best Alternative
- Also called Alternative Cost
- Real Cost
- Effort and Sacrifice
- Private Cost
- Same as Economic Cost
- Social Cost
- Private Cost Plus External Cost
- Opportunity Cost
- Economic Cost
- Short Run Costs
- Fixed Costs TFC
- Constant at All Output Levels
- Horizontal Curve
- Overhead Costs
- Variable Costs TVC
- Zero at Zero Output
- Inversely S Shaped
- Prime Costs
- Total Cost TC
- TFC Plus TVC
- Parallel to TVC
- Average Costs
- AFC Rectangular Hyperbola
- AVC U Shaped
- AC U Shaped
- Marginal Cost MC
- U Shaped
- Cuts AC and AVC at Minimum
- Fixed Costs TFC
- Long Run Costs
- LAC Envelope Curve
- Planning Curve
- Tangent to SAC Curves
- U Shaped Flatter
- LMC
- Passes through LAC Minimum
- U Shaped
- Reasons for U Shape
- Economies of Scale
- Diseconomies of Scale
- LAC Envelope Curve
- Revenue Concepts
- Total Revenue TR
- Price Times Quantity
- Average Revenue AR
- Equals Price
- Demand Curve
- Marginal Revenue MR
- Addition to TR
- Can be Negative
- Total Revenue TR
- Market Revenue Curves
- Perfect Competition
- AR Equals MR
- Horizontal Line
- Monopoly
- MR Less Than AR
- Both Fall
- Monopolistic Competition
- MR Less Than AR
- More Elastic than Monopoly
- Perfect Competition
- Producers Equilibrium
- TR TC Approach
- Max TR Minus TC
- MR MC Approach
- MC Equals MR
- MC Must be Rising
- TR TC Approach
- Concepts of Cost
Comprehensive Overview of Cost and Revenue Concepts
The map in words
- root((Cost and Revenue
- Analysis))
- Cost of Production
- Explicit Costs
- Wages
- Raw Materials
- Rent Paid
- Implicit Costs
- Opportunity Cost
- Normal Profit
- Interest on Own Capital
- Economic Cost
- Sum of Explicit
- and Implicit
- Explicit Costs
- Cost Classification
- Fixed Costs
- Rent
- Insurance
- Depreciation
- TFC Constant
- Variable Costs
- Raw Materials
- Wages Temporary
- Fuel Power
- TVC Increases
- Total Cost
- TC = TFC + TVC
- Both Short and Long
- Fixed Costs
- Average Costs
- AFC
- Declining Curve
- Hyperbola Shape
- AVC
- U-shaped Curve
- Reaches Minimum
- ATC
- U-shaped
- AFC plus AVC
- AFC
- Marginal Cost
- MC Definition
- Change in TC
- Per Unit Change
- MC Relationships
- Intersects AVC Min
- Intersects AC Min
- MC below when falling
- MC Definition
- Long-Run Analysis
- LAC Curve
- Envelope Curve
- U-shaped
- Optimal Scale
- LMC Curve
- Intersects LAC Min
- Returns to Scale
- Economies Scale
- Technical
- Managerial
- Financial
- LAC Curve
- Revenue Concepts
- Total Revenue
- TR = P × Q
- Increases with sales
- Average Revenue
- AR = TR/Q
- Equals Price
- Marginal Revenue
- MR = Change TR
- MR < AR Imperfect
- MR = AR Perfect
- Total Revenue
- Market Structures
- Perfect Competition
- AR = MR
- Horizontal Curve
- Price Taker
- Monopoly
- MR < AR
- Downward Sloping
- Price Maker
- Monopolistic
- MR < AR
- More Elastic than
- Monopoly
- Perfect Competition
- Producer Equilibrium
- MR-MC Approach
- MR = MC
- MC Rising
- Maximum Profit
- TR-TC Approach
- Maximum Distance
- Vertical Gap
- Between Curves
- MR-MC Approach
- Cost of Production
Cost and Revenue Concepts Overview
The map in words
- Cost and Revenue
- Cost of Production
- Explicit Costs
- Wages paid
- Raw materials
- Rent paid
- Implicit Costs
- Opportunity cost
- Normal profit
- Other Costs
- Opportunity cost
- Real cost
- Private vs Social
- Explicit Costs
- Short-Run Costs
- Fixed Costs
- TFC
- AFC curve
- Variable Costs
- TVC
- AVC curve
- Total and Average
- TC curve
- AC curve
- MC curve
- Fixed Costs
- Long-Run Costs
- LAC Curve
- Envelope curve
- U-shaped
- LMC Curve
- Related to LAC
- Passes through LAC min
- Economies Scale
- Internal economies
- Internal diseconomies
- LAC Curve
- Revenue Concepts
- Total Revenue
- TR = P × Q
- Rises when MR > 0
- Average Revenue
- AR = P
- Firm demand curve
- Marginal Revenue
- Additional revenue
- MR = 0 when TR max
- Total Revenue
- Market Structures
- Perfect Competition
- AR = MR = P
- Horizontal
- Monopoly
- AR > MR
- Downward sloping
- Monopolistic Comp
- AR > MR
- More elastic
- Perfect Competition
- Cost of Production
Cost and revenue in economics explain how a firm measures production expenses, earnings, and profit in the short run and long run
The map in words
- Cost and revenue in economics explain how a firm measures production expenses, earnings, and profit in the short run and long run
- Cost of Production
- Economic Cost
- Explicit Cost
- Implicit Cost
- Opportunity Cost
- Real Cost
- Private Cost
- Social Cost
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Explore DiagramsFrequently Asked Questions
What are the important topics in Concepts Of Cost And Revenue for ICSE Class 12 Economics?
Key topics in Concepts Of Cost And Revenue include Cost of production means the cost, Explicit cost is the actual money, Implicit cost is the imputed value, Normal profit is the minimum reward. Study these first, then practise questions on each for the ICSE Class 12 board exam.
What do the concept maps for Concepts Of Cost And Revenue show?
The 4 maps show how the ideas in Concepts Of Cost And Revenue connect: Complete Overview: Concepts of Cost and Revenue; Comprehensive Overview of Cost and Revenue Concepts. Each map is also written out as an outline on this page.
How should I revise Concepts Of Cost And Revenue for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 45 practice questions on Concepts Of Cost And Revenue. Revise definitions regularly and use flashcards for quick recall before the exam.
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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Important Questions
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Revision Notes
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Formula Sheet
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Chapter Summary
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Study Plan
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Flashcards
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Syllabus
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