Basic
Total Revenue -=
Price x Quantity
This curve shows how the cost od producing one more unit depends on the quantity that has already been produced
What is marginal cost curve
An input whos quantity can not be varied for a period of time
What is fixed input
Profit =
What is TR- TC
Mr. Donovans sister
Who is Ms. Taub
Marginal Revenue is another way of expressing
What is the price
The change in total revenue generated by an additional unit of output
What is marginal revenue
Shows the relationship between the Q of inputs a firm uses and the Q of output it produces
What is production function
Accounting profit =
TR- explicit costs
Nurses name
Who is Carol Klien
Marginal Product of Labor formula
change in the Q of output over the change in Q of labor
Says that profit is maximized by producing the Q of output at which the MR of the last unit produced is = to its MC
What is optimal output rule
An input whose quantity a firm can change at any time
What is a variable input
Economic profit =
TR- explicit costs- implicit costs
Mr. Donovans secratery
Who is Ms. Stahl
Accounting profit should always be
What is positive
Advice given if your MC is greater than MR
Don't produce it
The additional Q of output produced by using one more unit of that input
What is marginal product
When economic profit is equal to zero
What is normal profit
House principal with the least amount of hair
Who is Mr. Rubenstien
Economic profit should never be
What is negative
Profit =
What is TR - TC
When an increase in the Q of an input, leads to a decline in the marginal product of that input
What is diminishing returns to an input
When you go to college, your forgone salary is an
What is implicit costs
Mr. McDermott's wife name
Who is Kathy.