Calc Exam 1 Definitions - Custom Scholars
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# Calc Exam 1 Definitions

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cost function
total cost of producing a quantity q of some good (can be separated int two ways
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fixed costs
incurred even when nothing is produced
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variable costs
depend on how many units are produced
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marginal cost
the variable cost of one additional unit (the slope for a linear cost function)
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revenue function
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
the revenue earned for one additional unit
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profit function
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
the point where the profit is zero and revenue equals cost
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demand curve
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
where the supply and demand curve cross
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supply curve
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
p=PoA^t
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linear
function that has a constant rate of change
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exponential
function has a constant percent, or relative, rate of change
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compounded annually
P= Po(1+r)^t
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compounded continuously
P= Poe^rt
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proportional
y=kx
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inversely proportional
y=k/x
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marginal profit
profit of one more unit of output, computed as marginal revenue minus marginal cost
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question
cost function
total cost of producing a quantity q of some good (can be separated int two ways
question
fixed costs
incurred even when nothing is produced
question
variable costs
depend on how many units are produced
question
marginal cost
the variable cost of one additional unit (the slope for a linear cost function)
question
revenue function
gives the total revenue received by a firm from selling a quantity, q, of some good (revenue= price*quantity)
question
marginal revenue
the revenue earned for one additional unit
question
profit function
gives the total profit earned from producing and selling quantity q, of some good ( p=r(q)-c(q) )
question
break even point
the point where the profit is zero and revenue equals cost
question
demand curve
relates to quantity, q, of an item demanded by consumers per unit time to the price ,p, of the item
question
equilibrium point
where the supply and demand curve cross
question
supply curve
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
p=PoA^t
question
linear
function that has a constant rate of change
question
exponential
function has a constant percent, or relative, rate of change
question
compounded annually
P= Po(1+r)^t
question
compounded continuously
P= Poe^rt
question
proportional
y=kx
question
inversely proportional
y=k/x
question
marginal profit
profit of one more unit of output, computed as marginal revenue minus marginal cost

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