Complete revision notes for Unit 3. Business objectives, revenue and cost analysis, market structures, labour markets and government intervention — the theory of the firm from first principles.
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Business objectives, types of organisation, organic and external growth, mergers and integration, economies and diseconomies of scale.
Revenue, cost, and profit analysis — the quantitative framework for understanding firm behaviour. TR, AR, MR, TC, AC, MC, and the profit-maximising condition.
The competitive spectrum from perfect competition to monopoly — how market structure determines price, output, profit, and efficiency outcomes.
How wages are determined — marginal revenue product theory, labour supply, monopsony power, trade unions, and the causes of wage differentials.
How governments regulate firms and markets — competition policy, regulation of monopoly, privatisation and nationalisation, and the risk of government failure.
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