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100
the amount of a firm receives for the sale of its output
What is total revenue
100
input costs that require an outlay of money by the firm
What is explicit costs?
100
the increase in output that arises from an additional unit of input
What is marginal product
100
total cost divded by the quantity of output
What is average total cost
100
the costs it imposes on taxpayers
What does the efficiency of a tax system refer to
200
the market value of the inputs a firm uses in production
What is total cost?
200
input costs that do not require an outlay of money by the firm
What is implicit costs
200
the property whereby the marginal product of an output declines as the quanitity of the input increases
What is diminishing marginal product
200
fixed costs divided by the quantity of output
What is average fixed cost
200
is the amount by which total cost rises if output increases by 1 unit
What is marginal cost
300
totalrevenue minus total cost
What is profit
300
total revenue minus total cost, including both explicit and implicit costs
What is economic profit
300
costs that do not vary with the quantity of output produced
What is fixed costs
300
the increases in total cost that arises from an extra unit of production
What is marginal cost
300
at the minimum of average total cost
Where does the marginal -cost curve always cross the average total cost curve
400
It is to make it as large as possible
What is the point of profit
400
total revenue minus total explicit cost
What is accounting profit
400
costs that do vary with the quantity of output produced
What is variable costs
400
the quantity of output that minimizes average total cost
What is efficient scale
400
to mazimize profit, which equals total revenue minus total cost
What is the goal of firms
500
whether the tax burden is distributed fairly amount the population
What does the equity of a tax system concern?
500
policymakers often dace a tradeoff between effiecieny and equity
When considering changes in the tax laws
500
total taxes paid divided by total income
What is average tax rate
500
the extra taxes paid on an additional dollar of income
What is marginal tax rates?
500
a tax that is the same amount for every person
What is lump-sum-tax