AP Microeconomics
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| show | ΔTP / Δinputs
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| Average Product (AP) equation | show 🗑
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| show | FC / Q
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| Average Variable Cost (AVC) equation | show 🗑
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| Average Total Cost (ATC) equation | show 🗑
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| Marginal Cost (MC) equation | show 🗑
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| What shifts when FIXED costs change? | show 🗑
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| show | MC, AVC, & ATC
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| show | when the output MORE than doubles
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| constant returns to scale | show 🗑
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| show | when the output LESS than doubles
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| Total Revenue (TR) equation | show 🗑
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| Profit equation | show 🗑
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| show | a firm should continue to produce until the additional revenue from each new output equals the additional cost
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| show | - Perfect Competition
- Monopolistic Competition
- Oligopoly
- Monopoly
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| characteristics of Perfect Competition | show 🗑
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| characteristics of Monopoly | show 🗑
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| characteristics of Oligopoly | show 🗑
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| show | - large number of sellers
- differentiated products
- lots of advertising
- low barriers
- some control over price
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| show | - economies of scale (bigger = cheaper)
- superior technology
- geography or ownership of raw materials
- government created barriers (ex: patents)
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| show | producing at the lowest possible cost
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| allocative efficiency | show 🗑
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| show | where PRICE meets ATC
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| Where is ALLOCATIVE efficiency located? | show 🗑
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