Micro Econ
Help!
|
|
||||
|---|---|---|---|---|---|
| show | Relationship between quantity of inputs and quantity of output
🗑
|
||||
| show | Study of how firms' decisions about prices and quantities depend on the market conditions they face
🗑
|
||||
| show | TR-TC
🗑
|
||||
| show | PQ
🗑
|
||||
| show | Amount a firm receives for the sale of its output
🗑
|
||||
| Total Cost | show 🗑
|
||||
| show | Input costs that require an outlay of money by the firm
🗑
|
||||
| show | Input costs that do not require an outlay of money by the firm; ignored by accountants
🗑
|
||||
| TC | show 🗑
|
||||
| Economic Profit | show 🗑
|
||||
| show | TR-TEC; usually larger than economic profit
🗑
|
||||
| Fixed Input | show 🗑
|
||||
| show | An input whose quantity the firm can vary at any time
🗑
|
||||
| show | The time period in which all inputs can be varied
🗑
|
||||
| show | The time period in which at least one input is fixed
🗑
|
||||
| show | fixed input
🗑
|
||||
| show | varied in the short run
🗑
|
||||
| Marginal Product | show 🗑
|
||||
| show | Delta Q/ Delta L
🗑
|
||||
| Marginal product of an input declines | show 🗑
|
||||
| show | as more inputs are being used
🗑
|
||||
| show | The increase in the quantity of output when you increase the quantity of that input by one unit
🗑
|
||||
| show | TC
🗑
|
||||
| Total-cost curve | show 🗑
|
||||
| Average fixed cost; AFC | show 🗑
|
||||
| show | VC/Q
🗑
|
||||
| Average Total Cost; ATC | show 🗑
|
||||
| show | If total cost is divided evenly over all the units produced
🗑
|
||||
| show | Delta TC / Delta Q
🗑
|
||||
| show | From producing an additional unit of output
🗑
|
||||
| show | because of diminishing marginal product
🗑
|
||||
| show | Always declines as output rises
🗑
|
||||
| show | Typically rises as output increase because of diminishing marginal product
🗑
|
||||
| show | At quantity that minimizes average total cost
🗑
|
||||
| show | Quantity of output that minimizes ATC
🗑
|
||||
| show | average total cost is falling
🗑
|
||||
| MC > ATC | show 🗑
|
||||
| @ Minimum | show 🗑
|
||||
| show | with the quantity of output
🗑
|
||||
| Average-total-cost curve | show 🗑
|
||||
| show | Flatter than short run cost curves
🗑
|
||||
| show | Lie on or above the long-run cost curves
🗑
|
||||
| Increasing returns to scale | show 🗑
|
||||
| show | When long run average total cost increases as output increases
🗑
|
||||
| show | When long run average total cost is constant as output increases; Increasing coordination problems
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
sarahmaechtle
Popular Economics sets