prooooooooooooofits - Custom Scholars
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# prooooooooooooofits

question
explicit cost
actually spending money
question
implicit cost
measured by valued in dollar terms of the benefits that are forgone
question
acounting profit
revenue - explicit costs
question
economic profit
revenue - explicit and implicit
question
firm resources
land, labor, capital, entrepreneurial
question
capital
value of assets
question
positive profit
current use is best
question
negative proft
better alt use
question
normal profit
zero economic profit
question
total revenue
price x qat
question
profit
total revenue - total cost
question
fixed cost
always have to pay, never changes
question
variable cost
changes as time goes on
question
marginal revenue
change in total revenue generated by additional unit
question
marginal revenue formula
change in total revenue/change in qat= price
question
optimal output rule
profit is maximized by producing the qat of output at which the marginal cost of the last unit produced = marginal revenue
question
marginal revenue curve
how marginal revenue varies as output varies
question
profit maximization
mr=mc
question
production function
relationship between qat of inputs a firm uses and qat of output it produces
question
fixed input
qat is fixed and cannot be variable
question
variable input
qat can vary
question
long run
period in which all inputs can be varied
question
short run
at least 1 input is fixed
question
total product curve
qat of output depends on qat of variable input for given part of fixed input
question
marginal product
additional qat of output that is produced by using 1 more unit of output
question
marginal product formula
mp= change in qat/change in variable resource
question
avg product of labor
change in qat/change in labor
question
diminishing returns
the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases
question
total cost
fixed cost + variable cost
question
total cost curve
becomes steeper as more output is produced
question
marginal cost
change in total cost / change in qat
question
avg total cost
total cost/qat output
question
avg fixed cost
fixed cost/qat output
question
avg variable cost
variable cost/qat output
question
larger the output, greater qat of output over which fixed cost is spread, lowering avg fixed cost
question
diminishing returns effect
larger the output, greater the amount of variable input required to produce additional units, making higher avg variable cost
question
at min cost output
atc=mc
question
less than min cost output
atc > mc (fall)
question
greater than min cost output
atc < mc (rise)
question
avg product
qat/number of labor
1 of 40
question
explicit cost
actually spending money
question
implicit cost
measured by valued in dollar terms of the benefits that are forgone
question
acounting profit
revenue - explicit costs
question
economic profit
revenue - explicit and implicit
question
firm resources
land, labor, capital, entrepreneurial
question
capital
value of assets
question
positive profit
current use is best
question
negative proft
better alt use
question
normal profit
zero economic profit
question
total revenue
price x qat
question
profit
total revenue - total cost
question
fixed cost
always have to pay, never changes
question
variable cost
changes as time goes on
question
marginal revenue
change in total revenue generated by additional unit
question
marginal revenue formula
change in total revenue/change in qat= price
question
optimal output rule
profit is maximized by producing the qat of output at which the marginal cost of the last unit produced = marginal revenue
question
marginal revenue curve
how marginal revenue varies as output varies
question
profit maximization
mr=mc
question
production function
relationship between qat of inputs a firm uses and qat of output it produces
question
fixed input
qat is fixed and cannot be variable
question
variable input
qat can vary
question
long run
period in which all inputs can be varied
question
short run
at least 1 input is fixed
question
total product curve
qat of output depends on qat of variable input for given part of fixed input
question
marginal product
additional qat of output that is produced by using 1 more unit of output
question
marginal product formula
mp= change in qat/change in variable resource
question
avg product of labor
change in qat/change in labor
question
diminishing returns
the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases
question
total cost
fixed cost + variable cost
question
total cost curve
becomes steeper as more output is produced
question
marginal cost
change in total cost / change in qat
question
avg total cost
total cost/qat output
question
avg fixed cost
fixed cost/qat output
question
avg variable cost
variable cost/qat output
question
larger the output, greater qat of output over which fixed cost is spread, lowering avg fixed cost
question
diminishing returns effect
larger the output, greater the amount of variable input required to produce additional units, making higher avg variable cost
question
at min cost output
atc=mc
question
less than min cost output
atc > mc (fall)
question
greater than min cost output
atc < mc (rise)
question
avg product
qat/number of labor

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