1
What are the two types of costs that make up a firm's cost of production?
Explicit
Implicit
What is the difference between total product and marginal product?
TP: Total output produced by all inputs
MP: Additional output produced by additional input
(MP = ΔTP)
Name literally one person in the state government.
Various options
What is the difference between an economic profit and an accounting profit?
Accounting Profit = Revenue - Explicit
What are the three phases of a production function?
1. TP↑ at an ↑ing rate (MP↑)
2. TP↑ at a ↓ing rate (MP↓)
3. TP↓ (-MP)
Name one person on the files
lol
What is a normal profit?
Zero economic profit
Economic profit = 0
What is the difference between fixed costs and variable costs?
Fixed costs do no change as you produce more
Variable costs do change as you produce more
Would you love me if I was a worm
Yes
What is the difference in the long run and the short run in production?
Short run: Only labor can change
Long run: All inputs can change
What are total costs?
TFC + TVC = TC
What was my first major
Business Administration
What is the production function?
Changes to inputs (CELL) cause changes to outputs
What are average total costs?
AVC + AVC = ATC
TC/Q = ATC
What is your favorite class
Econ 40