BECO Packet 6 - Custom Scholars
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BECO Packet 6

question
why have a firm
answer
1.coordination between workers allows for gains from specialization
2.internalizing decision making reduces transaction costs/exchanges
3.
question
principal-agent problem
answer
as firm grows, the gains from control may be offset by losses in specialization
question
diminishing returns
answer
input, at some point, provides less product/output per unit of input
question
product function
answer
relationship between input and maximum amount of output those inputs can produce
question
marginal product
answer
additional output from one additional unit of input
question
average product
answer
output per unit of input, across all units of input employed
question
short run production
answer
period of time in which one or more factors of production are fixed
question
fixed input
answer
a production factor that can't be adjusted
question
long run production
answer
amount of time needed to make all production inputs variable
question
Returns to scale
answer
different production tech transform inputs into outputs with varying results
question
increasing returns to scale
answer
doubling inputs more than doubling outputs; MP increasing
question
constant returns to scale
answer
doubling input exactly doubles output; MP constant
question
decreasing returns to scale
answer
doubling input less than doubles output; MP decreasing
question
opportunity cost
answer
value of opportunities foregone
question
economic cost
answer
cost of using economic resources in production
question
accounting cost
answer
monetary outlays plus depreciation or depletion charges for capital
question
sunk cost
answer
expenditure made that is not recoverable
question
variable cost
answer
cost=that varies with amount of output
question
total cost
answer
sum of economic costs of production, meaning both fixed and variable costs
question
fixed costs
answer
Costs that do not vary with the quantity of output produced but needed for production
question
average total cost
answer
firms total cost divided by its level of output
question
average fixed cost
answer
fixed cost divided by level of output
question
average variable cost
answer
variable cost divided by level of output
question
marginal cost
answer
changes in total costs as output increases
question
diminishing marginal returns
answer
marginal product of labor declines as the quantity of labor employed increases; marginal cost will increase as output increases
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question
why have a firm
answer
1.coordination between workers allows for gains from specialization
2.internalizing decision making reduces transaction costs/exchanges
3.
question
principal-agent problem
answer
as firm grows, the gains from control may be offset by losses in specialization
question
diminishing returns
answer
input, at some point, provides less product/output per unit of input
question
product function
answer
relationship between input and maximum amount of output those inputs can produce
question
marginal product
answer
additional output from one additional unit of input
question
average product
answer
output per unit of input, across all units of input employed
question
short run production
answer
period of time in which one or more factors of production are fixed
question
fixed input
answer
a production factor that can't be adjusted
question
long run production
answer
amount of time needed to make all production inputs variable
question
Returns to scale
answer
different production tech transform inputs into outputs with varying results
question
increasing returns to scale
answer
doubling inputs more than doubling outputs; MP increasing
question
constant returns to scale
answer
doubling input exactly doubles output; MP constant
question
decreasing returns to scale
answer
doubling input less than doubles output; MP decreasing
question
opportunity cost
answer
value of opportunities foregone
question
economic cost
answer
cost of using economic resources in production
question
accounting cost
answer
monetary outlays plus depreciation or depletion charges for capital
question
sunk cost
answer
expenditure made that is not recoverable
question
variable cost
answer
cost=that varies with amount of output
question
total cost
answer
sum of economic costs of production, meaning both fixed and variable costs
question
fixed costs
answer
Costs that do not vary with the quantity of output produced but needed for production
question
average total cost
answer
firms total cost divided by its level of output
question
average fixed cost
answer
fixed cost divided by level of output
question
average variable cost
answer
variable cost divided by level of output
question
marginal cost
answer
changes in total costs as output increases
question
diminishing marginal returns
answer
marginal product of labor declines as the quantity of labor employed increases; marginal cost will increase as output increases

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