Total Product
Maximum level of output that can be produced with a given amount of input
Period of time where some factors of production (inputs) are fixed, usually capital
Period of time where all inputs are variable (can change)
A curve that shows the various combinations of inputs that will produce the same level of output
Constant Returns to Scale (CRS)
doubling all inputs exactly doubles
of the output
Decreasing Returns to Scale
Doubling all inputs less than doubles output
combination of inputs that yield the same cost
A measure of the percentage change in one variable brought about by a one percent change in some other variables
The slope of the indifference curve that captures how much of one good you can give up for one unit of another good
The MRS can vary along the indifference curve because the consumption of one good can be pushed too far
the limit that income places on the combination of goods that an individual can buy
The objective of the consumer is to choose the consumption bundle with the highest utility while still being within their budget
To maximize profits, the firm must produce its output at the lowest possible cost
the additional cost of producing one more unit of output
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