By Steve Adams

CIMA Revision playing cards are the single fabrics written and recommended through CIMA. they supply succinct yet whole assurance of all of the significant issues of the recent CIMA 2005 syllabus. The pocket-sized, spiral-bound structure allows them to be carried round simply, making them useful assets anywhere you're. Diagrams and bulleted lists are used all through to show the most important issues as sincerely and concisely as attainable. This simplifies the syllabus and makes the issues effortless to benefit and take into accout. CIMA Revision playing cards supply: * examination advice and tricks * A precis of the entire key themes of the hot syllabus* visible aids to consolidate studying * examination targeted, pocket sized revision publications summarising the main subject matters of the recent CIMA syllabus * Diagrams and tables all through toughen key strategies and relief reminiscence retention and remember * simply moveable dimension

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Real businesses may have more complex motives, which include: profits; growth; security and stability; prestige, power, influence. Remember this The profit maximising level of output for a firm will be where: Marginal cost ¼ marginal revenue or MC ¼ MR. At this level of output total profit will be: Profit per unit multiplied by total output or (AR À AC) Â Q 39 ————————————————————————————————————————— The Market System and the Competitive Process Competition K Perfect competition 1 Perfect competition occurs when: K K K there are large numbers of sellers and buyers; products are homogeneous; there is perfect knowledge; there are no barriers to entry to the industry.

50 ————————————————————————————————————————— –––––––––––––––––––––––––––– The Market System and the Competitive Process Government and competition policy This leads to the free rider problem: persons can take advantage of the good or service without paying for it. Thus, private firms cannot supply these public goods and the state has to do so instead. g. defence. g. street lighting. g. g. health services; there may be significant economies of scale in their production. Thus, the state supplements or replaces the private production of these merit goods.

Definition The law of diminishing returns to a fixed factor states that, if more units of a variable factor are added to a fixed factor, output rises but at a diminishing rate. 26 ————————————————————————————————————————— –––––––––––––––––––––––––––– The Market System and the Competitive Process Costs and supply K Costs and revenue Study tips Revenue can be measured as: total revenue (TR): price  sales average revenue (AR) : total revenue sales KK marginal revenue (MR): extra revenue gained when sales are raised by one unit.

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