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style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35118/unit-2111-market-power-theory-of-production-and-costs-hl.html" title="Unit 2.11(1) Market power - Theory of production and costs (HL)">Unit 2.11(1) Market power - Theory of production and costs (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35125/unit-2112-market-power-perfect-competitionhl.html" title="Unit 2.11(2) Market power - Perfect competition(HL)">Unit 2.11(2) Market power - Perfect competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35147/unit-2113-market-power-monopolyhl.html" title="Unit 2.11(3) Market power - Monopoly(HL)">Unit 2.11(3) Market power - Monopoly(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35151/unit-2114-market-power-monopolistic-competitionhl.html" title="Unit 2.11(4) Market power - Monopolistic competition(HL)">Unit 2.11(4) Market power - Monopolistic competition(HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35153/unit-2115-market-power-oligopolyhl.html" title="Unit 2.11(5) Market power - Oligopoly(HL)">Unit 2.11(5) Market power - Oligopoly(HL)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41603/economics-real-world-examples-and-extension-material-.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43378/opportunity-cost-and-production-possibility-curves.html" title="Opportunity cost and production possibility curves">Opportunity cost and production possibility curves</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42559/demand-theory.html" title="Demand theory">Demand theory</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41886/the-price-mechanism.html" title="The price mechanism">The price mechanism</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43188/market-demand-and-supply.html" title="Market demand and supply">Market demand and supply</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41705/demerit-goods.html" title="Demerit goods">Demerit goods</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42275/market-failure-and-climate-change.html" title="Market failure and climate change">Market failure and climate change</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42925/market-power.html" title="Market power">Market power</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42099/applying-game-theory.html" title="Applying game theory">Applying game theory</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34407/chapter-3-macroeconomics.html" title="Chapter 3: Macroeconomics">Chapter 3: Macroeconomics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34355/unit-311-measuring-the-level-of-economic-activity.html" title="Unit 3.1(1): Measuring the level of economic activity">Unit 3.1(1): Measuring the level of economic activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34432/unit-312-measuring-economic-development.html" title="Unit 3.1(2): Measuring Economic Development">Unit 3.1(2): Measuring Economic Development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34485/unit-321-variations-in-economic-activity-aggregate-demand-ad-.html" title="Unit 3.2(1): Variations in economic activity - aggregate demand (AD) ">Unit 3.2(1): Variations in economic activity - aggregate demand (AD) </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34487/unit-322-variations-in-economic-activity-aggregate-supplyas.html" title="Unit 3.2(2): Variations in economic activity - aggregate supply(AS)">Unit 3.2(2): Variations in economic activity - aggregate supply(AS)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34758/unit-331-macroeconomic-objectives-economic-growth.html" title="Unit 3.3(1) Macroeconomic objectives: economic growth">Unit 3.3(1) Macroeconomic objectives: economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34771/unit-332-macroeconomic-objectives-unemployment-.html" title="Unit 3.3(2) Macroeconomic objectives: unemployment ">Unit 3.3(2) Macroeconomic objectives: unemployment </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34778/unit-333-macroeconomic-objectives-inflation-and-deflation--1.html" title="Unit 3.3(3) Macroeconomic objectives: inflation and deflation ">Unit 3.3(3) Macroeconomic objectives: inflation and deflation </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34925/unit-341-economics-of-inequality-and-poverty-1.html" title="Unit 3.4(1) Economics of inequality and poverty">Unit 3.4(1) Economics of inequality and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34946/unit-342-policies-to-improve-equality-equity-and-poverty.html" title="Unit 3.4(2) Policies to improve equality, equity and poverty">Unit 3.4(2) Policies to improve equality, equity and poverty</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34993/unit-35-government-management-of-the-economy-monetary-policy-1.html" title="Unit 3.5 Government management of the economy – monetary policy">Unit 3.5 Government management of the economy – monetary policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34962/unit-36-government-management-of-the-economy-fiscal-policy-1.html" title="Unit 3.6 Government management of the economy – fiscal policy">Unit 3.6 Government management of the economy – fiscal policy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35017/unit-371-market-based-supply-side-policies--1.html" title="Unit 3.7(1) Market based supply-side policies ">Unit 3.7(1) Market based supply-side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35018/unit-372-interventionist-supply-side-policies-.html" title="Unit 3.7(2) Interventionist supply-side policies ">Unit 3.7(2) Interventionist supply-side policies </a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45803/economics-real-world-examples-and-extension-material--1.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42639/measuring-economic-well-being-1.html" title="Measuring economic well-being">Measuring economic well-being</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43044/inflation.html" title="Inflation">Inflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../42350/inequality.html" title="Inequality">Inequality</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41639/inequity-1.html" title="Inequity">Inequity</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../35414/chapter-4-the-global-economy.html" title="Chapter 4: The Global Economy">Chapter 4: The Global Economy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35346/unit-41-benefits-of-international-trade-1.html" title="Unit 4.1 Benefits of international trade">Unit 4.1 Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35348/unit-4243-trade-protectionism-1.html" title="Unit 4.2/4.3 Trade protectionism">Unit 4.2/4.3 Trade protectionism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35407/unit-44-economic-integration-.html" title="Unit 4.4 Economic integration ">Unit 4.4 Economic integration </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35409/unit-45-exchange-rates-1.html" title="Unit 4.5 Exchange rates">Unit 4.5 Exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35413/unit-46-balance-of-payments--1.html" title="Unit 4.6 Balance of payments ">Unit 4.6 Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35675/unit-47-sustainable-development.html" title="Unit 4.7 Sustainable development">Unit 4.7 Sustainable development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35685/unit-48-measuring-development--1.html" title="Unit 4.8 Measuring development ">Unit 4.8 Measuring development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35687/unit-49-barriers-to-economic-development-1.html" title="Unit 4.9 Barriers to economic development">Unit 4.9 Barriers to economic development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../35702/unit-410-economic-growth-and-economic-development-strategies.html" title="Unit 4.10: Economic growth and economic development strategies">Unit 4.10: Economic growth and economic development strategies</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45804/economics-real-world-examples-and-extension-material-.html" title="Economics real world examples and extension material ">Economics real world examples and extension material </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41927/foreign-currency-1.html" title="Foreign currency">Foreign currency</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43532/exchange-rates-1.html" title="Exchange rates">Exchange rates</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43804/balance-of-payments.html" title="Balance of payments">Balance of payments</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../41796/economic-development-1.html" title="Economic development">Economic development</a></li></ul></ul></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../20132/units-1-2-microeconomics.html" title="Units 1-2: Microeconomics">Units 1-2: Microeconomics</a></li><ul class="level-1 expanded"><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 1: Introduction to economics">Unit 1: Introduction to economics</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20091/introductory-activity-1.html" title="Introductory activity">Introductory activity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20093/unit-11-scarcity-choice-and-opportunity-cost.html" title="Unit 1.1: Scarcity, choice and opportunity cost">Unit 1.1: Scarcity, choice and opportunity cost</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21647/factors-of-production-1.html" title="Factors of production">Factors of production</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20114/economic-systems.html" title="Economic systems">Economic systems</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20134/public-and-private-sectors-1.html" title="Public and private sectors">Public and private sectors</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28055/unit-12-economics-as-a-social-science-1.html" title="Unit 1.2: Economics as a social science">Unit 1.2: Economics as a social science</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29921/circular-flow-of-national-income.html" title="Circular flow of national income">Circular flow of national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29829/unit-1-review-terms-1.html" title="Unit 1: Review terms">Unit 1: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41600/introduction-to-economics-crossword-1.html" title="Introduction to economics crossword">Introduction to economics crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../4331/unit-1-multiple-choice-quiz.html" title="Unit 1: Multiple choice quiz">Unit 1: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20177/unit-21-23-competitive-markets-demand-and-supply-1.html" title="Unit 2.1-2.3: Competitive markets - demand and supply">Unit 2.1-2.3: Competitive markets - demand and supply</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28517/unit-21-demand-1.html" title="Unit 2.1: Demand">Unit 2.1: Demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22349/determinants-of-demand-1.html" title="Determinants of demand">Determinants of demand</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29949/unit-22-supply-.html" title="Unit 2.2: Supply ">Unit 2.2: Supply </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20184/changes-to-supply-and-demand-.html" title="Changes to supply and demand ">Changes to supply and demand </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21992/practise-exercises-1.html" title="Practise exercises">Practise exercises</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../26112/gold-exchange-game-demand-and-supply-1.html" title="Gold exchange game: Demand and supply">Gold exchange game: Demand and supply</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20194/unit-23-competitive-market-equilibrium-1.html" title="Unit 2.3: Competitive market equilibrium">Unit 2.3: Competitive market equilibrium</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20144/producer-and-consumer-surplus-1.html" title="Producer and consumer surplus">Producer and consumer surplus</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22351/veblen-goods-and-super-luxury-goods-1.html" title="Veblen goods and super luxury goods">Veblen goods and super luxury goods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25677/are-cryptocurrencies-the-new-tulipmania.html" title="Are Cryptocurrencies the new Tulipmania?">Are Cryptocurrencies the new Tulipmania?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20472/unit-21-23-multiple-choice-quiz.html" title="Unit 2.1-2.3: Multiple choice quiz">Unit 2.1-2.3: Multiple choice quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20113/unit-24-consumer-and-producer-behaviour-hl-only-1.html" title="Unit 2.4: Consumer and producer behaviour (HL only)">Unit 2.4: Consumer and producer behaviour (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36073/behavioural-economics-consumer-biases-nudge-theory-hl-only-1.html" title="Behavioural economics: Consumer biases / nudge theory (HL only)">Behavioural economics: Consumer biases / nudge theory (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20378/business-objectives-hl-only.html" title="Business objectives (HL only)">Business objectives (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28741/unit-21-24-review-terms--1.html" title="Unit 2.1-2.4: Review terms ">Unit 2.1-2.4: Review terms </a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20195/unit-25-26-elasticity-1.html" title="Unit 2.5-2.6: Elasticity">Unit 2.5-2.6: Elasticity</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../28713/unit-25-price-elasticity-of-demand-1.html" title="Unit 2.5: Price elasticity of demand">Unit 2.5: Price elasticity of demand</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21545/determinants-of-price-elasticity-.html" title="Determinants of price elasticity ">Determinants of price elasticity </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21532/ped-elasticity-and-sales-revenue.html" title="PED elasticity and sales revenue?">PED elasticity and sales revenue?</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21259/unit-25-income-elasticity-of-demand-yed.html" title="Unit 2.5: Income elasticity of demand (YED)">Unit 2.5: Income elasticity of demand (YED)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21200/unit-26-price-elasticity-of-supply.html" title="Unit 2.6: Price elasticity of supply">Unit 2.6: Price elasticity of supply</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20207/perfectly-elastic-inelastic-supply-curves.html" title="Perfectly elastic / inelastic supply curves">Perfectly elastic / inelastic supply curves</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20230/a-mathematical-note-about-elasticity-.html" title="A mathematical note about elasticity ">A mathematical note about elasticity </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39037/demand-and-supply-crossword.html" title="Demand and supply crossword">Demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29021/unit-25-26-review-terms-1.html" title="Unit 2.5-2.6: Review terms">Unit 2.5-2.6: Review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20474/unit-25-26-multiple-choice-quiz--1.html" title="Unit 2.5-2.6: Multiple choice quiz ">Unit 2.5-2.6: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44474/unit-21-25-competitive-markets-quiz-1.html" title="Unit 2.1- 2.5: Competitive markets quiz">Unit 2.1- 2.5: Competitive markets quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20243/unit-27-the-role-of-government-in-microeconomics--1.html" title="Unit 2.7: The role of government in microeconomics ">Unit 2.7: The role of government in microeconomics </a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26590/indirect-taxation.html" title="Indirect taxation">Indirect taxation</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20246/ped-and-the-burden-of-tax-hl-only-.html" title="PED and the burden of tax (HL only) ">PED and the burden of tax (HL only) </a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20277/government-subsidies--1.html" title="Government subsidies ">Government subsidies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29117/unit-27-indirect-tax-and-subsidy-review-terms-1.html" title="Unit 2.7: Indirect tax and subsidy review terms">Unit 2.7: Indirect tax and subsidy review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20287/price-controls-maximum-price--1.html" title="Price controls − maximum price ">Price controls − maximum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20288/minimum-price-.html" title="Minimum price ">Minimum price </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21540/minimum-wage-.html" title="Minimum wage ">Minimum wage </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38849/labour-market-crossword-1.html" title="Labour market crossword">Labour market crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29260/unit-27-price-controls-review-terms-1.html" title="Unit 2.7: Price controls review terms">Unit 2.7: Price controls review terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20303/unit-28-210-market-failure--1.html" title="Unit 2.8-2.10: Market failure ">Unit 2.8-2.10: Market failure </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21543/unit-28-merit-goods--1.html" title="Unit 2.8: Merit goods ">Unit 2.8: Merit goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../23123/unit-28-demerit-goods-negative-externalities-1.html" title="Unit 2.8: Demerit goods / negative externalities">Unit 2.8: Demerit goods / negative externalities</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38850/market-failure-crossword-1.html" title="Market failure crossword">Market failure crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29262/unit-29-economics-of-the-environment-and-public-goods--1.html" title="Unit 2.9: Economics of the environment and public goods ">Unit 2.9: Economics of the environment and public goods </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20332/unit-210-asymmetric-information-hl-only-1.html" title="Unit 2.10: Asymmetric information (HL only)">Unit 2.10: Asymmetric information (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29828/unit-28-210-market-failure-review-sheet.html" title="Unit 2.8-2.10: Market failure review sheet">Unit 2.8-2.10: Market failure review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29827/unit-28-210-market-failure-review-terms.html" title="Unit 2.8-2.10: Market failure review terms">Unit 2.8-2.10: Market failure review terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20479/unit-27-210-multiple-choice-quiz--1.html" title="Unit 2.7-2.10: Multiple choice quiz ">Unit 2.7-2.10: Multiple choice quiz </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44501/unit-27-210-government-failure-revision-quiz-1.html" title="Unit 2.7-2.10 Government failure revision quiz">Unit 2.7-2.10 Government failure revision quiz</a></li></ul><li class="ancestor parent" style="padding-left: 14px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../20330/unit-211-market-power-hl-only-1.html" title="Unit 2.11: Market power (HL only)">Unit 2.11: Market power (HL only)</a></li><ul class="level-2 expanded"><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29835/assessment-map.html" title="Assessment map">Assessment map</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21528/production-hl-only.html" title="Production (HL only)">Production (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29978/revenue-theory-hl-only.html" title="Revenue theory (HL only)">Revenue theory (HL only)</a></li><li class="current parent" style="padding-left: 28px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="costs-of-production-hl-only.html" title="Costs of production (HL only)">Costs of production (HL only)</a></li><ul class="level-3 expanded"><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21286/economies-and-diseconomies-of-scale-hl-only.html" title="Economies and diseconomies of scale (HL only)">Economies and diseconomies of scale (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22494/long-run-average-cost-curves-hl-only.html" title="Long run average cost curves (HL only)">Long run average cost curves (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../29838/breakeven-hl-only.html" title="Breakeven (HL only)">Breakeven (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20340/economic-profit-hl-only.html" title="Economic profit (HL only)">Economic profit (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39082/market-power-crossword.html" title="Market power crossword">Market power crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22495/revision-exercise-on-cost-and-revenue-hl-only.html" title="Revision exercise on cost and revenue (HL only)">Revision exercise on cost and revenue (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29845/unit-211-costs-revenue-and-profit-review-sheet-hl-only.html" title="Unit 2.11: Costs, revenue and profit review sheet (HL only)">Unit 2.11: Costs, revenue and profit review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44484/unit-211-multiple-choice-quiz-sl-units-1.html" title="Unit 2.11: Multiple choice quiz (SL units)">Unit 2.11: Multiple choice quiz (SL units)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29846/market-structures-hl-only-1.html" title="Market structures (HL only)">Market structures (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29981/perfect-competition-hl-only-1.html" title="Perfect competition (HL only)">Perfect competition (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24486/profit-in-perfect-competition-hl-only-1.html" title="Profit in perfect competition (HL only)">Profit in perfect competition (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21302/efficiency-in-perfect-competition-hl-only.html" title="Efficiency in perfect competition (HL only)">Efficiency in perfect competition (HL only)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20430/monopoly-hl-only-1.html" title="Monopoly (HL only)">Monopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24529/profit-and-revenue-maximisation-in-monopoly-hl-only-1.html" title="Profit and revenue maximisation in monopoly (HL only)">Profit and revenue maximisation in monopoly (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21306/a-comparison-of-monopoly-and-perfect-competition-hl-only-1.html" title="A comparison of monopoly and perfect competition? (HL only)">A comparison of monopoly and perfect competition? (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20435/monopolistic-competition-hl-only-1.html" title="Monopolistic competition (HL only)">Monopolistic competition (HL only)</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20436/oligopoly-hl-only-1.html" title="Oligopoly (HL only)">Oligopoly (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22310/game-theory-hl-only-1.html" title="Game theory (HL only)">Game theory (HL only)</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29918/unit-211-market-structures-review-sheet-hl-only-1.html" title="Unit 2.11: Market structures review sheet (HL only)">Unit 2.11: Market structures review sheet (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32337/unit-211-diagram-revision-.html" title="Unit 2.11: Diagram revision ">Unit 2.11: Diagram revision </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20480/unit-211-multiple-choice-quiz-hl-only-1.html" title="Unit 2.11: Multiple choice quiz (HL only)">Unit 2.11: Multiple choice quiz (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32425/unit-212-the-markets-inability-to-achieve-equity-hl-only-1.html" title="Unit 2.12: The market’s inability to achieve equity (HL only)">Unit 2.12: The market’s inability to achieve equity (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21842/unit-3-macroeconomics-.html" title="Unit 3: Macroeconomics ">Unit 3: Macroeconomics </a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../3942/unit-31-measuring-economic-activity-and-illustrating-its-variati-1.html" title="Unit 3.1: Measuring economic activity and illustrating its variations">Unit 3.1: Measuring economic activity and illustrating its variations</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20558/calculating-national-income-1.html" title="Calculating national income">Calculating national income</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21297/gdp-gni-as-a-measure-of-living-standards.html" title="GDP / GNI as a measure of living standards">GDP / GNI as a measure of living standards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20567/national-income-statistics-1.html" title="National income statistics">National income statistics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21580/the-business-cycle-1.html" title="The business cycle">The business cycle</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29931/unit-31-economic-activity-review-sheet-1.html" title="Unit 3.1: Economic activity review sheet">Unit 3.1: Economic activity review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20592/unit-32-variations-in-economic-activityaggregate-demand-and-aggr-1.html" title="Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply">Unit 3.2: Variations in economic activity—aggregate demand and aggregate supply</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../29933/aggregate-demand-and-supply.html" title="Aggregate demand and supply">Aggregate demand and supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21582/components-of-aggregate-demand-1.html" title="Components of aggregate demand">Components of aggregate demand</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20634/equilibrium-in-macroeconomics-neo-classical-perspective-1.html" title="Equilibrium in macroeconomics (neo-classical perspective)">Equilibrium in macroeconomics (neo-classical perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20439/equilibrium-in-macroeconomics-keynesian-perspective-1.html" title="Equilibrium in macroeconomics (keynesian perspective)">Equilibrium in macroeconomics (keynesian perspective)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21349/john-maynard-keynes-1.html" title="John Maynard Keynes">John Maynard Keynes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20650/keynesian-v-free-market-debate--1.html" title="Keynesian v free market debate ">Keynesian v free market debate </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21342/changes-in-the-long-run-aggregate-supply-1.html" title="Changes in the long run aggregate supply">Changes in the long run aggregate supply</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30055/unit-32-aggregate-demand-and-supply-review-sheet-1.html" title="Unit 3.2: Aggregate demand and supply review sheet">Unit 3.2: Aggregate demand and supply review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20610/unit-35-and-36-demand-management-fiscal-and-monetary-policy-1.html" title="Unit 3.5 and 3.6: Demand management - fiscal and monetary policy">Unit 3.5 and 3.6: Demand management - fiscal and monetary policy</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30058/government-budget.html" title="Government budget">Government budget</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21585/fiscal-policy--1.html" title="Fiscal policy ">Fiscal policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21343/multiplier-hl-only.html" title="Multiplier (HL only)">Multiplier (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21795/monetary-policy--1.html" title="Monetary policy ">Monetary policy </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30071/independent-central-banks-1.html" title="Independent central banks">Independent central banks</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30083/unit-35-and-36-review-sheet.html" title="Unit 3.5 and 3.6 review sheet">Unit 3.5 and 3.6 review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20615/unit-37-supply-side-policies-1.html" title="Unit 3.7: Supply side policies">Unit 3.7: Supply side policies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20651/the-role-of-supply-side-policies-1.html" title="The role of supply side policies">The role of supply side policies</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20622/market-based-and-interventionist-supply-side-policies--1.html" title="Market based and interventionist supply side policies ">Market based and interventionist supply side policies </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39129/aggregate-demand-and-supply-crossword-1.html" title="Aggregate demand and supply crossword">Aggregate demand and supply crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30086/unit-37-review-sheet-1.html" title="Unit 3.7: Review sheet">Unit 3.7: Review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20755/unit-31-32-and-35-37-multiple-choice-quiz--1.html" title="Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz ">Unit 3.1-3.2 and 3.5-3.7: Multiple choice quiz </a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44522/unit-31-32-and-35-37-revision-quiz-1.html" title="Unit 3.1-3.2 and 3.5-3.7: Revision quiz">Unit 3.1-3.2 and 3.5-3.7: Revision quiz</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20686/unit-33-macroeconomic-objectives.html" title="Unit 3.3: Macroeconomic objectives">Unit 3.3: Macroeconomic objectives</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30118/unemployment.html" title="Unemployment">Unemployment</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21351/types-of-unemployment.html" title="Types of unemployment?">Types of unemployment?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21593/equilibrium-unemployment-.html" title="Equilibrium unemployment ">Equilibrium unemployment </a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../21594/disequilibrium-unemployment-1.html" title="Disequilibrium unemployment">Disequilibrium unemployment</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../30458/unemployment-review-sheet-1.html" title="Unemployment review sheet">Unemployment review sheet</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20713/inflation--1.html" title="Inflation ">Inflation </a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20712/measuring-inflation-hl-only-1.html" title="Measuring inflation (HL only)">Measuring inflation (HL only)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../20685/costs-of-inflation-and-deflation-1.html" title="Costs of inflation and deflation">Costs of inflation and deflation</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../30465/inflation-review-sheet.html" title="Inflation review sheet">Inflation review sheet</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20716/unemployment-v-inflation-trade-off-hl-only-1.html" title="Unemployment v inflation trade off (HL only)">Unemployment v inflation trade off (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39133/macroeconomic-objectives-crossword-1.html" title="Macroeconomic objectives crossword">Macroeconomic objectives crossword</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44511/unit-33-macroeconomic-indicators-revision-quiz-1.html" title="Unit 3.3: Macroeconomic indicators revision quiz">Unit 3.3: Macroeconomic indicators revision quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20741/unit-34-economics-of-inequality-and-poverty-1.html" title="Unit 3.4: Economics of inequality and poverty">Unit 3.4: Economics of inequality and poverty</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32398/inequality-1.html" title="Inequality">Inequality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21356/the-role-of-spending-and-taxation-on-inequality--1.html" title="The role of spending and taxation on inequality ">The role of spending and taxation on inequality </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21313/consequences-of-economic-growth-1.html" title="Consequences of economic growth">Consequences of economic growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30257/economic-growth-and-inequality-review-sheet-1.html" title="Economic growth and inequality review sheet">Economic growth and inequality review sheet</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20756/unit-33-34-multiple-choice-.html" title="Unit 3.3-3.4: Multiple choice ">Unit 3.3-3.4: Multiple choice </a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21844/unit-4-global-economy.html" title="Unit 4: Global economy">Unit 4: Global economy</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21367/unit-41-benefits-of-international-trade.html" title="Unit 4.1: Benefits of international trade">Unit 4.1: Benefits of international trade</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30529/benefits-of-international-trade.html" title="Benefits of international trade">Benefits of international trade</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20823/absolute-and-comparative-advantage-hl-only-1.html" title="Absolute and comparative advantage (HL only)">Absolute and comparative advantage (HL only)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20845/unit-42-43-trade-protection-1.html" title="Unit 4.2-4.3: Trade protection">Unit 4.2-4.3: Trade protection</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32419/barriers-to-trade-calculations-are-hl-only-1.html" title="Barriers to trade (calculations are HL only)">Barriers to trade (calculations are HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21610/case-study-on-tata-steel-1.html" title="Case study on Tata Steel">Case study on Tata Steel</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../23455/the-defence-industry-1.html" title="The Defence industry">The Defence industry</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30610/unit-41-43-review-sheet-1.html" title="Unit 4.1-4.3: Review sheet">Unit 4.1-4.3: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20894/unit-44-economic-integration--1.html" title="Unit 4.4: Economic integration ">Unit 4.4: Economic integration </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30634/economic-integration-some-hl-tasks-1.html" title="Economic integration (some HL tasks)">Economic integration (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20840/world-trade-organisation-wto-1.html" title="World trade organisation (WTO)">World trade organisation (WTO)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30635/unit-44-review-sheet-1.html" title="Unit 4.4: Review sheet">Unit 4.4: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20853/unit-45-exchange-rates-1.html" title="Unit 4.5: Exchange rates">Unit 4.5: Exchange rates</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30611/floating-exchange-rates-1.html" title="Floating exchange rates">Floating exchange rates</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31824/fixed-managed-exchange-rate-systems-some-hl-tasks-1.html" title="Fixed / managed exchange rate systems (some HL tasks)">Fixed / managed exchange rate systems (some HL tasks)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21624/the-market-for-foreign-exchange-1.html" title="The market for foreign exchange">The market for foreign exchange</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30614/unit-45-review-sheet-1.html" title="Unit 4.5: Review sheet">Unit 4.5: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20859/unit-46-balance-of-payments-1.html" title="Unit 4.6: Balance of payments">Unit 4.6: Balance of payments</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30624/balance-of-payments--1.html" title="Balance of payments ">Balance of payments </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21386/current-account-hl-only-1.html" title="Current account (HL only)">Current account (HL only)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20872/the-marshall-lerner-condition-j-curve-hl-only-1.html" title="The Marshall-Lerner condition / J curve (HL only)">The Marshall-Lerner condition / J curve (HL only)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20899/units-41-46-multiple-choice-quiz--1.html" title="Units 4.1-4.6: Multiple choice quiz ">Units 4.1-4.6: Multiple choice quiz </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42989/unit-41-46-multiple-choice-quiz-ii-1.html" title="Unit 4.1-4.6: Multiple choice quiz II">Unit 4.1-4.6: Multiple choice quiz II</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../39438/unit-41-46-international-trade-crossword-1.html" title="Unit 4.1-4.6: International trade crossword">Unit 4.1-4.6: International trade crossword</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32423/unit-47-sustainable-development--1.html" title="Unit 4.7: Sustainable development ">Unit 4.7: Sustainable development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26092/water-scarcity-activity-1.html" title="Water scarcity activity">Water scarcity activity</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32426/sustainable-development.html" title="Sustainable development">Sustainable development</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../20928/unit-48-measuring-development--1.html" title="Unit 4.8: Measuring development ">Unit 4.8: Measuring development </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30686/measuring-development-1.html" title="Measuring development">Measuring development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21627/economic-development--1.html" title="Economic development ">Economic development </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30679/unit-47-48-review-sheet.html" title="Unit 4.7-4.8: Review sheet">Unit 4.7-4.8: Review sheet</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Unit 4.9: Barriers to development">Unit 4.9: Barriers to development</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30727/barriers-to-development-in-international-trade-1.html" title="Barriers to development in International trade">Barriers to development in International trade</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32430/unit-410-economic-growth-andor-economic-development-strategies-1.html" title="Unit 4.10: Economic growth and/or economic development strategies">Unit 4.10: Economic growth and/or economic development strategies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30687/the-role-of-domestic-factors-1.html" title="The role of domestic factors">The role of domestic factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30688/the-role-of-international-trade-and-development-1.html" title="The role of international trade and development">The role of international trade and development</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30689/the-role-of-foreign-direct-investment-fdi-1.html" title="The role of foreign direct investment (FDI)">The role of foreign direct investment (FDI)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../25240/the-role-of-foreign-aid--1.html" title="The role of foreign aid ">The role of foreign aid </a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30819/multilateral-development-assistance-1.html" title="Multilateral development assistance">Multilateral development assistance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21632/the-role-of-international-debt-1.html" title="The role of international debt">The role of international debt</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../25242/the-balance-between-markets-and-intervention-1.html" title="The balance between markets and intervention">The balance between markets and intervention</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../30926/unit-49-410-review-sheet.html" title="Unit 4.9 - 4.10: Review sheet">Unit 4.9 - 4.10: Review sheet</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../21380/assessment.html" title="Assessment">Assessment</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Internal assessment ">Internal assessment </a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../20608/how-to-write-your-ia-student-handout.html" title="How to write your IA? (student handout)">How to write your IA? (student handout)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21428/how-to-interpret-the-assessment-criteria-1.html" title="How to interpret the assessment criteria?">How to interpret the assessment criteria?</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Grading practise ">Grading practise </a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Sample 3a">Sample 3a</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../32083/sample-3b-1.html" title="Sample 3b">Sample 3b</a></li></ul></ul></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../32022/assessment-markbands-1.html" title="Assessment markbands">Assessment markbands</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../4332/exam-style-questions.html" title="Exam style questions">Exam style questions</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 style examination questions">Paper 1 style examination questions</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../40100/unit-211-212-questions.html" title="Unit 2.11-2.12 questions">Unit 2.11-2.12 questions</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45102/paper-1-guidance-on-essay-writing-1.html" title="Paper 1 guidance on essay writing">Paper 1 guidance on essay writing</a></li></ul></ul></nav> </div> </div> </div> </div><div style="margin-top: 20px;"><style type="text/css">
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<div id="main-column" class="span9"> <article id="costs-of-production-hl-only" style="margin-top: 16px;">
<h1 class="section-title">Costs of production (HL only)</h1>
<ul class="breadcrumb"><li><a title="Home" href="../../../economics.html"><i class="fa fa-home"></i></a><span class="divider">/</span></li><li><span class="gray">Units 1-2: Microeconomics</span><span class="divider">/</span></li><li><a title="Go to: Unit 2.11: Market power (HL only)" href="../20330/unit-211-market-power-hl-only-1.html">Unit 2.11: Market power (HL only)</a><span class="divider">/</span></li><li><span class="active">Costs of production (HL only)</span></li></ul>
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<h2><span style="color:#FF0000;"></span></h2><h2><img alt="" src="../../../ib/economics/images/micro-economics-2/dont-worry-about-the-national-debt-in-the-long-run-were-all-dead.jpg" style="width: 320px; height: 201px; float: right;">Introduction</h2><p>This page begins the section of the course on revenues and costs of a business. I find that I am very often surprised by the confusion that the word cost means to many IB economics students, with so many confusing the term with revenue. This is probably because as consumers many think of the cost of something as being the cost that consumers pay and businesses receive. When from a business perspective costs include monies paid out while revenue includes the money coming into business.</p><p>The difference between the short and long run can also cause some difficulty among IB students, with many presuming that the difference lies in a set period of time − typically 12 months. </p><hr class="hidden"><div class="blueBg"><h3>Enquiry question</h3><p>Classifying different costs of production in the short run.</p></div><div class="blueBg"><h4><img alt="" src="../../../ib/economics/images/general-2/download45.jpg" style="width: 320px; height: 213px; float: right;"> Teacher notes</h4><p><strong>Lesson time: </strong>45 minutes</p><p><strong>Lesson objectives:</strong></p><p>Explain the distinction between the short run and the long run, with reference to fixed factors and variable factors.</p><p>Distinguish between total costs, marginal costs and average costs.</p><p>Draw diagrams illustrating the relationship between marginal costs and average costs and explain the connection with production in the short run.</p><p>Calculate total fixed costs, total variable costs, total costs, average fixed costs, average variable costs, average total costs and marginal costs from a set of data and/or diagrams.</p><p><strong>Teacher notes:</strong></p><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><strong>1.</strong> <strong>Beginning activity </strong>- begin with the opening question and allow 5 minutes for discussion</span></p><p><span style="color:#FF0000;"><strong>2.</strong> <strong>Processes</strong> -<strong> technical Vocabulary </strong>-<strong> </strong>the students can learn the key concepts through the short class handout and the activities provided. (30 minutes)</span></p><p><span style="color:#FF0000;"><strong>3. Final reflective activity </strong>- Having plotted the graph, reflect on the final two questions. (10 minutes)</span></p></section></div><div class="pinkBg"><h4>Beginning question</h4><p>In economics what is the difference between the short run and the long run?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Surprisingly the answer is not a set period of time, 6 months, 12 months e.t.c. In economics the short run can be defined as a period when one or more of the factors of production are fixed, where as the long run can be defined as a period of time when all the factors of production are variable. </span></p></section></div><div class="blueBg"><h4>Short run costs of production (HL only)</h4><p><em><strong>Key definitions:</strong></em></p><p><strong><img alt="" src="../../../ib/economics/images/costs-and-revenue/costings-diagram.jpg" style="width: 300px; height: 300px; float: right;">Total cost (TC) </strong>- represents the total costs of production incurred by a firm. This is equal to fixed plus variable costs. In economics this includes all implicit costs as well as the explicit ones.</p><p><strong>Fixed costs (FC) </strong>- costs within a business which do not change when output changes. Often these are one off start up costs such as a factory lease or machinery plus administrative costs.</p><p><strong>Variable costs (VC) </strong>- the opposite of FCs and change directly with output. Examples include direct labour costs as well as supplies and raw materials. Variable costs include the power / electricity that directly powers the production machinery. It does not include the electricity costs associated with heating and lighting the office or factory areas as these are semi variable costs.</p><p><strong>Semi-variable costs </strong>- the most difficult cost to classify as they are costs which do not fit easily into either fixed or variable cost categories. Examples of this include electricity and lighting as already discussed plus costs such as marketing, cleaning and maintenance services. As a firm increases their output they are likely to incur greater maintenance and cleaning costs but the relationship is less direct, than for example raw material supplies.</p><p><strong>Marginal cost </strong>-<strong> </strong>the additional cost incurred when the firm produces one more unit or output.</p><p><strong>Short run </strong>- a period of time when at least one cost is fixed.</p><p><strong>Long run</strong> - a period of time when all costs are variable.</p></div><p>Available as a PDF file at: <a href="../../../media/ib/economics/files/theory-of-the-firm/costs-in-sr.pdf.html" target="_blank" title="Activities"><img class="ico" src="../../../thinkib/icons/activities.png"> Costs of production</a></p><div class="pinkBg"><h4><strong>Activity 1</strong></h4><p>Watch the following short video before answering the questions that follow:</p><p style="text-align: center;"><iframe allowfullscreen="" frameborder="0" height="360" src="//www.youtube.com/embed/ucJBO9UTmwo" width="640"></iframe></p><p>(a) Why are costs important for any business?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">It is important to control or at least understand costs so that a business can calculate profit and calculate how many units to produce e.t.c.</span></p></section><p>(b) What are the two types of costs?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Fixed and variable</span></p></section><p>(c) Total cost is calculated by adding which two variables together</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">FC + VC</span></p></section><p>(d) How do you calculate a firms marginal cost</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">The change in costs when you add one more unit of a variable cost i.e. change in cost / change in output</span></p></section><p>(e) Why does the AFC fall as output rises?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Because TFC does not change so as output rises TFC gets divided by a larger and larger number of units</span></p></section></div><div class="pinkBg"><h4>Activity 2</h4><p><img alt="" src="../../../ib/economics/images/micro-economics-2/pandas.jpg" style="width: 300px; height: 300px; float: right;" title="https://www.toysrus.com">A small firm sets up a plant making soft pandas. They have one production unit, with a two year lease on the premises; two soft panda making machines and two machine operators. There is a manager / owner who completes all non operative work and the machines have a life span of 12 months, after which they will have to be replaced. They also have to purchase the raw material to make the bears and spend a little also on marketing and other administrative costs.</p><p>(a) Which of the above costs are fixed?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">The fixed costs (FC) are the two teddy bear making machines, rent on the production unit, marketing and other administrative expenses and the managers / owners salary. These costs will not be directly effected by changes in output.</span></p></section><p>(b) Which are variable costs?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Variable costs include the raw materials and the wages of the two operators. As the firm produces more and more pandas they would need to purchase more supplies and may also need to hire another operative.</span></p></section><p>3. There is an increase in sales. Which costs will rise and which will not?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Following a rise in sales the VC will rise but the FC will not.</span></p></section><p>4. What time period represents the long run in this business?</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">2 years, the length of the lease.</span></p></section></div><div class="pinkBg"><h4><strong>Activity 3: Paper three type</strong></h4><p>Complete the following table by adding in the missing values:</p><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:113px;"><p style="text-align: center;"><strong>Units produced (000s)</strong></p></td><td style="width:103px;"><p style="text-align: center;"><strong>Total cost (TC) (000s)</strong></p></td><td style="width:114px;"><p style="text-align: center;"><strong>Marginal cost (MC) (000s)</strong></p></td><td style="width:89px;"><p style="text-align: center;"><strong>Average fixed cost (AFC) (000s)</strong></p></td><td style="width:89px;"><p style="text-align: center;"><strong>Average variable cost (AVC) (000s)</strong></p></td></tr><tr><td style="width:113px;"><p style="text-align: center;">0</p></td><td style="width:103px;"><p style="text-align: center;">100</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;">-</td><td style="width: 89px; text-align: center;">-</td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">10</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">1</p></td><td style="width:103px;"><p style="text-align: center;">110</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">100</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">10</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">8</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">2</p></td><td style="width:103px;"><p style="text-align: center;">118</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">50</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">9</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">6</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">3</p></td><td style="width:103px;"><p style="text-align: center;">124</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">33.33</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">8</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">4</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">4</p></td><td style="width:103px;"><p style="text-align: center;">128</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">25</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">7</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">6</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">5</p></td><td style="width:103px;"><p style="text-align: center;">134</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">20</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">6.8</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">8</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">6</p></td><td style="width:103px;"><p style="text-align: center;">142</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">16.67</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">7</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">10</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">7</p></td><td style="width:103px;"><p style="text-align: center;">152</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">14.28</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">7.42</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">12</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">8</p></td><td style="width:103px;"><p style="text-align: center;">164</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">12.5</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">8</span></p></section></td></tr></tbody></table><p>What is the level of fixed costs for this business</p><section class="tib-hiddenbox"><p><span style="color:#FF0000;">$ 100,000</span></p></section><p>Note that in Paper 3 HL, students may be asked to calculate the above figures from the information provided.</p></div><div class="pinkBg"><h4><strong>Activity 4: Paper three type</strong></h4><p>(a) Complete the following table by adding in the missing values:</p><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:113px;"><p style="text-align: center;"><strong>Units produced </strong></p></td><td style="width:103px;"><p style="text-align: center;"><strong>Total cost (TC) $</strong></p></td><td style="width:114px;"><p style="text-align: center;"><strong>Marginal cost (MC) $</strong></p></td><td style="width:89px;"><p style="text-align: center;"><strong>Average fixed cost (AFC) $</strong></p></td><td style="width:89px;"><p style="text-align: center;"><strong>Average variable cost (AVC) $</strong></p></td></tr><tr><td style="width:113px;"><p style="text-align: center;">0</p></td><td style="width:103px;"><p style="text-align: center;">10</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;">-</td><td style="width: 89px; text-align: center;">-</td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">4</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">5</p></td><td style="width:103px;"><p style="text-align: center;">30</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">2</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">4</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">2</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">10</p></td><td style="width:103px;"><p style="text-align: center;">40</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">1</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">3</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">4</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">15</p></td><td style="width:103px;"><p style="text-align: center;">60</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">0.66</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">3.33</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">6</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">20</p></td><td style="width:103px;"><p style="text-align: center;">90</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">0.5</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">4</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">8</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">25</p></td><td style="width:103px;"><p style="text-align: center;">130</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">0.4</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">4.8</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">10</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">30</p></td><td style="width:103px;"><p style="text-align: center;">180</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">0.33</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">5.67</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">12</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">35</p></td><td style="width:103px;"><p style="text-align: center;">240</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">0.29</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">6.57</span></p></section></td></tr><tr><td style="width: 113px; text-align: center;"></td><td style="width: 103px; text-align: center;"></td><td style="width: 114px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">14</span></p></section></td><td style="width: 89px; text-align: center;"></td><td style="width: 89px; text-align: center;"></td></tr><tr><td style="width:113px;"><p style="text-align: center;">40</p></td><td style="width:103px;"><p style="text-align: center;">310</p></td><td style="width: 114px; text-align: center;"></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">0.25</span></p></section></td><td style="width: 89px; text-align: center;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">7.5</span></p></section></td></tr></tbody></table></div><div class="pinkBg"><h4>Activity 5: classifying costs</h4><p>An IB school has the following costs, decide whether each is a fixed cost for the school, a variable cost or semi-variable?</p><table><tbody><tr><td></td><td style="text-align: center;"><strong>Fixed costs</strong></td><td style="text-align: center;"><strong>Variable</strong></td><td style="text-align: center;"><strong>Semi-variable</strong></td></tr><tr><td>Teaching staff (supply / sessional staff)</td><td><section class="tib-hiddenbox"><p style="text-align: center;"></p></section></td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>Security and maintenance staff (salaried)</td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>Heating / lighting for classrooms</td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td></tr><tr><td>Desks for classroom</td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td></tr><tr><td>Desks for offices</td><td><section class="tib-hiddenbox"><p><span style="color:#FF0000;">√ (though perhaps semi variable)</span></p></section></td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>Marketing budget</td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>Textbooks / science equipment</td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section><p style="text-align: center;"></p></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>School gardener</td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>Support staff (non-contract)</td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>Food for the canteen</td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>Electricity / heating for corridors and communal spaces</td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td></tr><tr><td>Exam fees (paid per student)</td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td><td><section class="tib-hiddenbox"></section></td></tr><tr><td>IB accreditation certificate</td><td><section class="tib-hiddenbox"><p style="text-align: center;"><span style="color:#FF0000;">√</span></p></section></td><td><section class="tib-hiddenbox"></section></td><td><section class="tib-hiddenbox"></section></td></tr></tbody></table></div><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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