prooooooooooooofits

question

explicit cost

answer

actually spending money

question

implicit cost

answer

measured by valued in dollar terms of the benefits that are forgone

question

acounting profit

answer

revenue - explicit costs

question

economic profit

answer

revenue - explicit and implicit

question

firm resources

answer

land, labor, capital, entrepreneurial

question

capital

answer

value of assets

question

positive profit

answer

current use is best

question

negative proft

answer

better alt use

question

normal profit

answer

zero economic profit

question

total revenue

answer

price x qat

question

profit

answer

total revenue - total cost

question

fixed cost

answer

always have to pay, never changes

question

variable cost

answer

changes as time goes on

question

marginal revenue

answer

change in total revenue generated by additional unit

question

marginal revenue formula

answer

change in total revenue/change in qat= price

question

optimal output rule

answer

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

answer

how marginal revenue varies as output varies

question

profit maximization

answer

mr=mc

question

production function

answer

relationship between qat of inputs a firm uses and qat of output it produces

question

fixed input

answer

qat is fixed and cannot be variable

question

variable input

answer

qat can vary

question

long run

answer

period in which all inputs can be varied

question

short run

answer

at least 1 input is fixed

question

total product curve

answer

qat of output depends on qat of variable input for given part of fixed input

question

marginal product

answer

additional qat of output that is produced by using 1 more unit of output

question

marginal product formula

answer

mp= change in qat/change in variable resource

question

avg product of labor

answer

change in qat/change in labor

question

diminishing returns

answer

the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

question

total cost

answer

fixed cost + variable cost

question

total cost curve

answer

becomes steeper as more output is produced

question

marginal cost

answer

change in total cost / change in qat

question

avg total cost

answer

total cost/qat output

question

avg fixed cost

answer

fixed cost/qat output

question

avg variable cost

answer

variable cost/qat output

question

spreading effect

answer

larger the output, greater qat of output over which fixed cost is spread, lowering avg fixed cost

question

diminishing returns effect

answer

larger the output, greater the amount of variable input required to produce additional units, making higher avg variable cost

question

at min cost output

answer

atc=mc

question

less than min cost output

answer

atc > mc (fall)

question

greater than min cost output

answer

atc < mc (rise)

question

avg product

answer

qat/number of labor

1 of 40

question

explicit cost

answer

actually spending money

question

implicit cost

answer

measured by valued in dollar terms of the benefits that are forgone

question

acounting profit

answer

revenue - explicit costs

question

economic profit

answer

revenue - explicit and implicit

question

firm resources

answer

land, labor, capital, entrepreneurial

question

capital

answer

value of assets

question

positive profit

answer

current use is best

question

negative proft

answer

better alt use

question

normal profit

answer

zero economic profit

question

total revenue

answer

price x qat

question

profit

answer

total revenue - total cost

question

fixed cost

answer

always have to pay, never changes

question

variable cost

answer

changes as time goes on

question

marginal revenue

answer

change in total revenue generated by additional unit

question

marginal revenue formula

answer

change in total revenue/change in qat= price

question

optimal output rule

answer

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

answer

how marginal revenue varies as output varies

question

profit maximization

answer

mr=mc

question

production function

answer

relationship between qat of inputs a firm uses and qat of output it produces

question

fixed input

answer

qat is fixed and cannot be variable

question

variable input

answer

qat can vary

question

long run

answer

period in which all inputs can be varied

question

short run

answer

at least 1 input is fixed

question

total product curve

answer

qat of output depends on qat of variable input for given part of fixed input

question

marginal product

answer

additional qat of output that is produced by using 1 more unit of output

question

marginal product formula

answer

mp= change in qat/change in variable resource

question

avg product of labor

answer

change in qat/change in labor

question

diminishing returns

answer

the property whereby the benefit from an extra unit of an input declines as the quantity of the input increases

question

total cost

answer

fixed cost + variable cost

question

total cost curve

answer

becomes steeper as more output is produced

question

marginal cost

answer

change in total cost / change in qat

question

avg total cost

answer

total cost/qat output

question

avg fixed cost

answer

fixed cost/qat output

question

avg variable cost

answer

variable cost/qat output

question

spreading effect

answer

larger the output, greater qat of output over which fixed cost is spread, lowering avg fixed cost

question

diminishing returns effect

answer

larger the output, greater the amount of variable input required to produce additional units, making higher avg variable cost

question

at min cost output

answer

atc=mc

question

less than min cost output

answer

atc > mc (fall)

question

greater than min cost output

answer

atc < mc (rise)

question

avg product

answer

qat/number of labor

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