Micro Unit 3 Part 1 - Custom Scholars
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Micro Unit 3 Part 1

question
Economic Costs
answer
Payments that must be made to obtain and retain the services of a resource
question
Explicit Costs
answer
Monetary payments it takes to buy resources; does not include OC (wage, interest)
question
Implicit Costs
answer
Cost that is represented by lost opportunities in the use of companies own resources
question
Fixed Costs
answer
Costs that are independent of output (rent, buildings)
question
Variable Costs
answer
Costs that vary with output (wages, materials used in production)
question
Accounting Profit
answer
total revenue minus the total explicit cost
question
Economic Profit
answer
total revenue minus total cost, including both explicit and implicit costs (OC)
question
Normal Profit
answer
Difference between accounting and economic profit (same as implicit costs which = OC)
question
Short Run
answer
A key factor of production (resource, input) if fixed (capital) while other inputs are variable (labor); really easy to hire/fire people
question
Long Run
answer
All inputs/resources/factors are available; no specific time period
question
Total Product
answer
Total output of good/service
question
Average Product
answer
A measure of labor productivity; TP/units of labor (how much product is produced by worker
question
Marginal Product
answer
Change in TP/change in the unit of labor
question
Law of Diminishing Productivity
answer
In short run, as firms provide more of a variable input eventually declines
question
AFC
answer
TFC/Q; as Q increases, AFC decreases
question
AVC
answer
TVC/Q
question
ATC
answer
TC/Q; AFC + AVC
question
Marginal Cost
answer
Additional cost when you produce a unit
question
LRATC
answer
Long Run Average Total Cost Curve; shows the lowest ATC at which a firm can produce different levels of output when all inputs are variable
question
Economies Of Scale
answer
If it has increasing returns to scale, its output will increase by more than what the input increased by; ATC will increase
question
Constant Returns to Scale
answer
If it has constant returns to scale, its output will increase by exactly what the input increased by; ATC will not change
question
Diseconomies of Scale
answer
If it has decreasing returns to scale, its output will increase by less than what the input increased by; ATC will decrease
1 of 22
question
Economic Costs
answer
Payments that must be made to obtain and retain the services of a resource
question
Explicit Costs
answer
Monetary payments it takes to buy resources; does not include OC (wage, interest)
question
Implicit Costs
answer
Cost that is represented by lost opportunities in the use of companies own resources
question
Fixed Costs
answer
Costs that are independent of output (rent, buildings)
question
Variable Costs
answer
Costs that vary with output (wages, materials used in production)
question
Accounting Profit
answer
total revenue minus the total explicit cost
question
Economic Profit
answer
total revenue minus total cost, including both explicit and implicit costs (OC)
question
Normal Profit
answer
Difference between accounting and economic profit (same as implicit costs which = OC)
question
Short Run
answer
A key factor of production (resource, input) if fixed (capital) while other inputs are variable (labor); really easy to hire/fire people
question
Long Run
answer
All inputs/resources/factors are available; no specific time period
question
Total Product
answer
Total output of good/service
question
Average Product
answer
A measure of labor productivity; TP/units of labor (how much product is produced by worker
question
Marginal Product
answer
Change in TP/change in the unit of labor
question
Law of Diminishing Productivity
answer
In short run, as firms provide more of a variable input eventually declines
question
AFC
answer
TFC/Q; as Q increases, AFC decreases
question
AVC
answer
TVC/Q
question
ATC
answer
TC/Q; AFC + AVC
question
Marginal Cost
answer
Additional cost when you produce a unit
question
LRATC
answer
Long Run Average Total Cost Curve; shows the lowest ATC at which a firm can produce different levels of output when all inputs are variable
question
Economies Of Scale
answer
If it has increasing returns to scale, its output will increase by more than what the input increased by; ATC will increase
question
Constant Returns to Scale
answer
If it has constant returns to scale, its output will increase by exactly what the input increased by; ATC will not change
question
Diseconomies of Scale
answer
If it has decreasing returns to scale, its output will increase by less than what the input increased by; ATC will decrease
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