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Microeconomics: Costs, Profits, and Production

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Economics - Managerial Economics

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georgepetenjk Created by 10 mon ago

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Cards in this deck(45)
what is the main goal of a firm
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profit
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profit =
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total revenue
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TR=
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total cost
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TC =
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explicit costs
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implicit costs
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examples of explicit costs
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examples of implicit costs
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opportunity cost
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accounting profit
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economic profit
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which is always greater accounting or economic profit
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marginal product
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marginal product is what on the production function
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Law of diminishing marginal returns
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which two cost curves are parallel
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which cost curve is horizontal
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which two curves are U shaped
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what does total cost curve show
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fixed costs
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example of fixed cost
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variable costs
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example of variable costs
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fixed cost + variable cost =
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average fixed cost=
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average variable cost
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average total cost
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MC
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which way does MC curve slope
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fixed input
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variable input
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Marginal production of labor (MPL)
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MPL =
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MC < ATC
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MC > ATC
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where does the MC curve intersect the ATC
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economies of scale
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Constant returns to scale
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Diseconomies of scale
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when do firms tend to have economies of scale
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when do firms tend to have diseconomies of scale
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when do firms tend to have constant returns to scale
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