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ECON

question
Labor + capital =
answer
Output
question
Total cost (TC) =
answer
Fixed cost (FC) + variable cost (VC)
question
Fixed cost is
answer
Constant
question
Average total cost (ATC) =
answer
Total Cost (TC) / Quantity of Output (Q)

Or

Average Fixed Cost (AFC) + Average Variable Cost (AVC)
question
Average Fixed Cost (AFC) =
answer
Fixed Cost (FC) / Quantity of Output (Q)
question
Average Fixed Cost (AFC) falls as Quantity of Production (Q)
answer
Rises
question
Average Variable Cost (AVC) =
answer
Variable Quantity (VQ) / Quantity of Output (Q)
question
What graph does Average Fixed Cost / Average Variable Cost give / Average Total Cost / Marginal Cost?
answer
L curve
U curve
U curve
U curve
question
When MC is less than ATC, ACT is

When MC is greater than ATC, ATC

The MC curve crosses the ATC curve at the ATC curves
answer
Falling
Rising
Minimum
question
Cost of capital is what variable
Cost of labor is what variable
answer
Fixed
Variable
question
When AVC goes down then up, Q
answer
Rises
question
Economic of Scale
answer
ATC falls as Q increases
question
Why is ATC usually U-shaped
answer
Falling AFC makes ATC fall
But then rising AVC pulls ATC back up
question
What is the Efficient Scale?
answer
The quantity that minimizes ATC
question
Marginal cost =
answer
Change in total cost (TC) / change in quantity (Q)
question
In the short run some inputs are ______ and some inputs are ________

In the long run all inputs are _______
answer
Fixed/variable

Variable
question
Total Revenue (TR) =
answer
Price x Quantity
question
Implicit vs explicit cost
answer
Implicit = the opportunity cost
Explicit = require outlay of money
question
Profit =
answer
Total Revenue - Total Cost (TR-TC)
question
Example:
We need $50,000 to start a business. The interest rate is 5%

Case 1: borrow $50,000
What is the implicit and explicit

Case 2: borrow 30,000, use 20,000 of your own savings
What is the implicit and explicit
answer
Case 1: explicit = $2,500, implicit = $0

Case 2: explicit = $1500, implicit = $1000
question
Account Profit (AP) =
answer
Total Revenue - Explicit Cost
question
Economic Profit =
answer
Total Revenue - (Explicit + Implicit)
question
Economic Profit will never exceed
answer
accounting profit
question
Marginal Product of Labor =
answer
change in quantity/change in labor
question
Example: the rent on office space has just increased by $900/month. Determine the effects on accounting profit (AP) and economic profit (EP) if

C1: you rent your office space from others. In this scenario determine if each of the below increase, decrease, or stays the same.
Implicit ____, explicit ____, AP ____, EP ____

C2: you own your office space. In this scenario determine if each of the below increase, deacrease, or stays same.
Implicit ____, explicit ____, AP ____, EP _____
answer
Same /Up / down / down

Up/ same/ same/ down
question
Average Product of Labor =
answer
quantity/labor
1 of 26
question
Labor + capital =
answer
Output
question
Total cost (TC) =
answer
Fixed cost (FC) + variable cost (VC)
question
Fixed cost is
answer
Constant
question
Average total cost (ATC) =
answer
Total Cost (TC) / Quantity of Output (Q)

Or

Average Fixed Cost (AFC) + Average Variable Cost (AVC)
question
Average Fixed Cost (AFC) =
answer
Fixed Cost (FC) / Quantity of Output (Q)
question
Average Fixed Cost (AFC) falls as Quantity of Production (Q)
answer
Rises
question
Average Variable Cost (AVC) =
answer
Variable Quantity (VQ) / Quantity of Output (Q)
question
What graph does Average Fixed Cost / Average Variable Cost give / Average Total Cost / Marginal Cost?
answer
L curve
U curve
U curve
U curve
question
When MC is less than ATC, ACT is

When MC is greater than ATC, ATC

The MC curve crosses the ATC curve at the ATC curves
answer
Falling
Rising
Minimum
question
Cost of capital is what variable
Cost of labor is what variable
answer
Fixed
Variable
question
When AVC goes down then up, Q
answer
Rises
question
Economic of Scale
answer
ATC falls as Q increases
question
Why is ATC usually U-shaped
answer
Falling AFC makes ATC fall
But then rising AVC pulls ATC back up
question
What is the Efficient Scale?
answer
The quantity that minimizes ATC
question
Marginal cost =
answer
Change in total cost (TC) / change in quantity (Q)
question
In the short run some inputs are ______ and some inputs are ________

In the long run all inputs are _______
answer
Fixed/variable

Variable
question
Total Revenue (TR) =
answer
Price x Quantity
question
Implicit vs explicit cost
answer
Implicit = the opportunity cost
Explicit = require outlay of money
question
Profit =
answer
Total Revenue - Total Cost (TR-TC)
question
Example:
We need $50,000 to start a business. The interest rate is 5%

Case 1: borrow $50,000
What is the implicit and explicit

Case 2: borrow 30,000, use 20,000 of your own savings
What is the implicit and explicit
answer
Case 1: explicit = $2,500, implicit = $0

Case 2: explicit = $1500, implicit = $1000
question
Account Profit (AP) =
answer
Total Revenue - Explicit Cost
question
Economic Profit =
answer
Total Revenue - (Explicit + Implicit)
question
Economic Profit will never exceed
answer
accounting profit
question
Marginal Product of Labor =
answer
change in quantity/change in labor
question
Example: the rent on office space has just increased by $900/month. Determine the effects on accounting profit (AP) and economic profit (EP) if

C1: you rent your office space from others. In this scenario determine if each of the below increase, decrease, or stays the same.
Implicit ____, explicit ____, AP ____, EP ____

C2: you own your office space. In this scenario determine if each of the below increase, deacrease, or stays same.
Implicit ____, explicit ____, AP ____, EP _____
answer
Same /Up / down / down

Up/ same/ same/ down
question
Average Product of Labor =
answer
quantity/labor
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