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Total Revenue
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ECON EXAM 3

TermDefinition
Total Revenue The amount a firm receives from the sale of the goods and services it produces
Total Cost The amount a firm spends in order to produce the goods and services it produces
Explicit Cost Tangible out-of-pocket expenses
Implicit Cost A firm's opportunity cost of doing business.
Accounting Profit Calculated by subtracting a firm's explicit cost from total revenue
Economic Profit Calculated by subtracting both the explicit and the implicit cost of business from a firm's total revenue.
Output The production the firm creates.
Factors of Production The input (labor, land, and capital) used in producing goods and services.
Production Function Description of the relationship between inputs a firm uses and outputs it creates
Marginal Production The change in output associated with one additional unit of an input.
Diminishing Marginal Product Condition occurring when successive in inputs are associated with slower rise in output.
Variable Cost Cost that change with the rate of output
Fixed Cost Cost that do not vary with a firm's output in the short run
Average Variable Cost (AVC) Determined by dividing a firm's total variable cost by the output
Average Fixed Cost (AFC) Determined by dividing a firm's total fixed cost by the output.
Average Total Cost (ATC) The sum of average variable cost and average fixed cost.
Marginal Cost (MC) The increase in cost that occurs from producing additional output.
Efficient Scale The output level that minimizes a firm's average total cost.
Scale The size of the production process
Economies of Scale Condition occurring when cost decline as output expands in the long run
Diseconomies of Scale Condition occurring when cost rise as output expands in the long run
Constant Returns to Scale Condition occurring when cost remain constant as output expands in the long run
Price Taker a firm with no control over the price set by the market
Profit-Maximizing Rule The rule stating that profit maximization occurs when the firm choose the quantity that causes marginal revenue to be equal to marginal cost, or MR=MC
Sunk Cost Unrecoverable cost that have been incurred as a result of past
Created by: Sherls2015
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