Micro Final - Chapter 22
Terms
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Treated as a cost.
Required to attract & retain resources - Normal Profits
- Total Revenue - Economic Cost
- Economic Profit
- Opportunity costs in economic profit are
- explicit and implicit
- Accounting profit includes ________ costs only
- explicit
- both short long and long run is based on annual chronology
- accouting
-
short run has fixed plant capiticy size
long run has variable plan capiticy size - economics
- Change in Total Product / Change in Labor Input =
- Marginal Product
- Total Product / Units of Labor
- Average Product
- Total Fixed Costs / Quantity
- Average Fixed Costs
- Total Variable Costs / Quantity
- Average Variable Costs
- Total Costs / Quantity
- Average Total Cost
- Change in Total Costs / Change in Quantity
- Marginal Cost
- TFC
- Total Fixed Cost
- TVC
- Total Variable Costs
- TC
- Total Costs
- AFC
- Average Fixed Costs
- AVC
- Average Fixed Costs
- ATC
- Average Total Costs
- MC
- Marginal Cost
- For every plant capiticy size there is a _________
- Short run ATC curve
- Envelopes all of the short run ATC curves
- long run ATC curve
- labor specialization, managerial specialization, efficient capital
- Economies and diseconomies of scale
- Minimum efficient scale
- MES
- Rise cost of insurance and illustrations, rising cost of insurance and security, successful start-up firms,
- natural monopoly