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micro finals terms

question
Thomas Malthus
answer
invented the law of diminishing marginal productivity
question
law of diminishing marginal product
answer
as increasing amounts of one input are added to fixed amounts of another, eventually increases in output occur at a decreasing rate
question
production function
answer
shows the amount of output that can be produced with a given set of inputs and the given technology
question
total product curve
answer
graphical depiction of the production function
question
marginal product
answer
the additional output from using 1 more of a variable input (delta Q/ delta L)
question
average product
answer
the average amount produced by a certain type of input (Q/L)
question
variable input
answer
an input whose use can be altered
question
fixed input
answer
inputs whose value cannot be altered in the short-run
question
implicit costs
answer
non-monetary costs
question
explicit costs
answer
monetary costs
question
short-run
answer
the period of time during which at least one of a firm's inputs is fixed
question
long-run
answer
the period of time when all inputs can be altered
question
profits
answer
total revenue - total costs
question
total variable costs
answer
the cost of all variable inputs
question
total fixed costs
answer
the cost of all fixed inputs
question
total costs
answer
TVC + TFC
question
average variable costs
answer
TVC/Q what it costs on average in terms of the variable inputs used to produce each unit
question
average fixed costs
answer
TFC/Q what it costs on average in terms of the fixed inputs used to produce each unit
question
average total costs
answer
what it costs on average to produce each unit of output
question
marginal costs
answer
the change in TC from producing an additional unit
question
marginal revenue
answer
the change in TR from selling an additional unit
question
total revenue
answer
price x # units sold
question
perfect competition
answer
many buyers and sellers producing a homogenous product with free entry and exit
question
price taker
answer
buyers and sellers who have no ability through their actions to alter the market price
question
shut-down point
answer
when the losses from producing are exactly equal to the losses shutting down for a firm
question
firm's supply curve
answer
MC above min AVC
question
long run average cost curve
answer
the outside envelope of the ATC when all inputs usage is altered
question
increasing returns to scale
answer
per unit costs decrease as the scale of operation increases
question
constant returns to scale
answer
per unit costs stay constant as the scale of operation increases
question
decreasing returns to scale
answer
per unit costs increase as the scale of operation increases
question
increasing cost competitive industry
answer
competitive industry where LR supply is upward sloping
question
constant cost competitive industry
answer
competitive industry where LR supply is horizontal
question
decreasing cost competitive industry
answer
competitive industry where LR supply is downward sloping
question
monopoly
answer
a single producer of a unique product
question
monopolistic competition
answer
multiple producers of slightly different products
question
barriers to entry
answer
legal or technical reason that prevents entry of new firms into a market
1 of 36
question
Thomas Malthus
answer
invented the law of diminishing marginal productivity
question
law of diminishing marginal product
answer
as increasing amounts of one input are added to fixed amounts of another, eventually increases in output occur at a decreasing rate
question
production function
answer
shows the amount of output that can be produced with a given set of inputs and the given technology
question
total product curve
answer
graphical depiction of the production function
question
marginal product
answer
the additional output from using 1 more of a variable input (delta Q/ delta L)
question
average product
answer
the average amount produced by a certain type of input (Q/L)
question
variable input
answer
an input whose use can be altered
question
fixed input
answer
inputs whose value cannot be altered in the short-run
question
implicit costs
answer
non-monetary costs
question
explicit costs
answer
monetary costs
question
short-run
answer
the period of time during which at least one of a firm's inputs is fixed
question
long-run
answer
the period of time when all inputs can be altered
question
profits
answer
total revenue - total costs
question
total variable costs
answer
the cost of all variable inputs
question
total fixed costs
answer
the cost of all fixed inputs
question
total costs
answer
TVC + TFC
question
average variable costs
answer
TVC/Q what it costs on average in terms of the variable inputs used to produce each unit
question
average fixed costs
answer
TFC/Q what it costs on average in terms of the fixed inputs used to produce each unit
question
average total costs
answer
what it costs on average to produce each unit of output
question
marginal costs
answer
the change in TC from producing an additional unit
question
marginal revenue
answer
the change in TR from selling an additional unit
question
total revenue
answer
price x # units sold
question
perfect competition
answer
many buyers and sellers producing a homogenous product with free entry and exit
question
price taker
answer
buyers and sellers who have no ability through their actions to alter the market price
question
shut-down point
answer
when the losses from producing are exactly equal to the losses shutting down for a firm
question
firm's supply curve
answer
MC above min AVC
question
long run average cost curve
answer
the outside envelope of the ATC when all inputs usage is altered
question
increasing returns to scale
answer
per unit costs decrease as the scale of operation increases
question
constant returns to scale
answer
per unit costs stay constant as the scale of operation increases
question
decreasing returns to scale
answer
per unit costs increase as the scale of operation increases
question
increasing cost competitive industry
answer
competitive industry where LR supply is upward sloping
question
constant cost competitive industry
answer
competitive industry where LR supply is horizontal
question
decreasing cost competitive industry
answer
competitive industry where LR supply is downward sloping
question
monopoly
answer
a single producer of a unique product
question
monopolistic competition
answer
multiple producers of slightly different products
question
barriers to entry
answer
legal or technical reason that prevents entry of new firms into a market

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