production, costs and market structure
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| show | maximize profit
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| profit= | show 🗑
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| the amount that a firm receives from the sale of goods and services | show 🗑
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| show | PxQ
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| show | Total cost
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| What are the 3 problems that a firm must solve to achieve profit maximization? | show 🗑
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| show | short run
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| show | long run
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| Is this short run or long run: you can buy another oven or build a new kitchen | show 🗑
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| an input that cannot be changed in the short run and that stays the same regardless of how much output is produced | show 🗑
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| an input that can be changed in the short run and that changes if the level of output changes | show 🗑
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| show | the first couple of workers
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| eventually marginal product follows the _____ | show 🗑
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| show | Yes
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| Total Cost= | show 🗑
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| Marginal Cost= | show 🗑
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| Marginal Revenue= | show 🗑
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| show | MR > MC
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| ATC falls as output increases | show 🗑
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| show | constant returns to scale
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| show | diseconomies of scale
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| show | explicit and implicit costs
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| requires a firm to spend money | show 🗑
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| opportunities that could have generated revenue if the firm had invested its resources in another wat | show 🗑
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| show | accounting profits
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| Accounting profits= | show 🗑
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| are accounting profits accurate representation of how they business is doing? | show 🗑
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| show | accounting profit- implicit costs
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| show | competitive market theory
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| produce if profits are positive, exit is profits are negative | show 🗑
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| show | short run
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| if AVC is less than or equal to P which is less than ATC | show 🗑
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| if P < AVC | show 🗑
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lmssorgi
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