Calc Exam 1 Definitions

question

cost function

answer

total cost of producing a quantity q of some good (can be separated int two ways

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fixed costs

answer

incurred even when nothing is produced

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variable costs

answer

depend on how many units are produced

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marginal cost

answer

the variable cost of one additional unit (the slope for a linear cost function)

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revenue function

answer

gives the total revenue received by a firm from selling a quantity, q, of some good (revenue= price*quantity)

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marginal revenue

answer

the revenue earned for one additional unit

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profit function

answer

gives the total profit earned from producing and selling quantity q, of some good ( p=r(q)-c(q) )

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break even point

answer

the point where the profit is zero and revenue equals cost

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demand curve

answer

relates to quantity, q, of an item demanded by consumers per unit time to the price ,p, of the item

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equilibrium point

answer

where the supply and demand curve cross

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supply curve

answer

relates to quantity, q, of the item that manufacturers are willing to make per time to the price p, for which the item can be sold

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exponential function

answer

p=PoA^t

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linear

answer

function that has a constant rate of change

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exponential

answer

function has a constant percent, or relative, rate of change

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compounded annually

answer

P= Po(1+r)^t

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compounded continuously

answer

P= Poe^rt

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proportional

answer

y=kx

question

inversely proportional

answer

y=k/x

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marginal profit

answer

profit of one more unit of output, computed as marginal revenue minus marginal cost

1 of 19

question

cost function

answer

total cost of producing a quantity q of some good (can be separated int two ways

question

fixed costs

answer

incurred even when nothing is produced

question

variable costs

answer

depend on how many units are produced

question

marginal cost

answer

the variable cost of one additional unit (the slope for a linear cost function)

question

revenue function

answer

gives the total revenue received by a firm from selling a quantity, q, of some good (revenue= price*quantity)

question

marginal revenue

answer

the revenue earned for one additional unit

question

profit function

answer

gives the total profit earned from producing and selling quantity q, of some good ( p=r(q)-c(q) )

question

break even point

answer

the point where the profit is zero and revenue equals cost

question

demand curve

answer

relates to quantity, q, of an item demanded by consumers per unit time to the price ,p, of the item

question

equilibrium point

answer

where the supply and demand curve cross

question

supply curve

answer

relates to quantity, q, of the item that manufacturers are willing to make per time to the price p, for which the item can be sold

question

exponential function

answer

p=PoA^t

question

linear

answer

function that has a constant rate of change

question

exponential

answer

function has a constant percent, or relative, rate of change

question

compounded annually

answer

P= Po(1+r)^t

question

compounded continuously

answer

P= Poe^rt

question

proportional

answer

y=kx

question

inversely proportional

answer

y=k/x

question

marginal profit

answer

profit of one more unit of output, computed as marginal revenue minus marginal cost

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Calc Exam 1 Definitions

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