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Quiz yourself by thinking what should be in
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on it to display the answer.
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| Short Run (SR) | A period during which at least one resource (that the firm is using) is fixed.
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| Long Run (LR) | A period during which all resources are variable.
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| Total Cost (TC) | FC + VC
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| Fixed Cost (FC) | does not vary with output
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| Variable Cost (VC) | varies with output
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| Average Total Cost (ATC) |
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| Average Variable Cost (AVC) |
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| Average Fixed Cost (AFC) |
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| Marginal Cost |
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| Increasing marginal returns to variable input |
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| diminishing marginal returns to variable input |
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| link between the average cost curves and MC | IF MC is lower than the average costs, average costs will be decreasing
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| Shape of LRAC curve (Long run average cost curve) |
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| Marginal Revenue (MR) |
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| explicit costs |
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| implicit costs |
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| accounting profit | TR - explicit costs
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| econ profit | TR - (Explicit + Implicit costs)
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| normal profit | 0 Econ. Profit
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| A firm with Zero econ profit will NOT | alter anything because they are doing just as well as they could be doing elsewhere
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| Marginal Product (MP) (of labor) | ΔTP/ΔL or. ΔQ / ΔL
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| Law of Diminishing Marginal Returns | As a variable is added to a fixed input, MP eventually falls
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Created by:
emilia2004
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