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Ch 11 Firms' Costs, Revenue and Objectives: complete notes
Neat, exam-ready notebook-style notes for Ch 11 Firms' Costs, Revenue and Objectives, following the Cambridge IGCSE 0455 syllabus. This chapter is part of the complete IGCSE Economics 0455 Complete Notes: All 22 Chapters with Diagrams and Mark Schemes (Cambridge 2027–2029).
Free preview: Ch 11 Firms' Costs, Revenue and Objectives notes
A quick look at the chapter from our IGCSE Economics notes. The full chapter notes have the detailed explanations, diagrams and practice questions with answers.
Topics in this chapter
- 3.6.1 Definitions of costs of production
- 3.6.2 Calculation of costs of production
- How changes in output affect costs: the diagrams
- 3.6.3 Revenue
- 3.6.4 Calculation of revenue and the influence of sales
- The influence of sales on revenue
- 3.6.5 Objectives of firms
“I can” checklist: what you must be able to do
- define TC, ATC, FC, AFC, VC and AVC
- calculate every cost from a table, including FC from TC at zero output
- draw and explain the shapes of the total and average cost curves
- explain how a change in a fixed or variable cost affects each cost
- define and calculate TR and AR, and calculate profit
- explain how sales and price changes affect revenue, using PED
- explain the objectives of survival, social welfare, profit maximisation and growth
- discuss which objective suits different firms
What is inside the full chapter notes
- Concept notes, cost tables and cost curve diagrams, 8 worked examples (calculations and model answers)
- Exam skills for Paper 2; common mistakes from the examiner report
- 20 Paper 1 style multiple-choice questions, explained
- One Section A data-response question and two Section B questions (Paper 2 style), all with full mark schemes
- Quick-reference table, "I can" checklist
What you get in the pack
- All 22 chapters of the Cambridge IGCSE Economics 0455 syllabus (exams 2027–2029): the basic economic problem, demand and supply, elasticity, market failure, money and banking, workers, firms and markets, government policy, growth, unemployment, inflation, development, international trade, exchange rates and the balance of payments
- Every syllabus statement covered in order, with clear notes and economics diagrams drawn for these notes
- Worked examples (calculations and model answers), exam skills and key definitions in every chapter
- Common mistakes taken from Cambridge examiner reports, so you know where marks are lost
- 20 Paper 1 style MCQs per chapter with answers and explanations
- Original exam-style questions in the style of Paper 1 (multiple choice) and Paper 2 (structured questions), with full mark schemes (no past-paper reprints)
- Quick-reference sheet and an "I can" checklist at the end of every chapter
- Colour PDF and a black and white copy of every chapter for printing
- Independent notes; not endorsed by or affiliated with Cambridge University Press & Assessment
All chapters in this pack
- Ch 1 The Basic Economic Problem
- Ch 2 Markets, Demand and Supply
- Ch 3 Price Determination and Price Changes
- Ch 4 Price Elasticity of Demand
- Ch 5 Price Elasticity of Supply
- Ch 6 The Market Economic System and Market Failure
- Ch 7 The Mixed Economic System
- Ch 8 Money, Banking and Households
- Ch 9 Workers
- Ch 10 Firms and Production
- Ch 11 Firms' Costs, Revenue and Objectives
- Ch 12 Types of Markets
- Ch 13 Government Intervention and Fiscal Policy
- Ch 14 Monetary Policy and Supply-side Policy
- Ch 15 Economic Growth
- Ch 16 Employment and Unemployment
- Ch 17 Inflation and Deflation
- Ch 18 Living Standards and Poverty
- Ch 19 Population and Economic Development
- Ch 20 Specialisation, Free Trade and Globalisation
- Ch 21 Foreign Exchange Rates
- Ch 22 The Current Account of the Balance of Payments