Vocab
The period of time in which the quantities of all inputs are variable
What is Long Run?
Calculate Total Cost if FC is 15 and Variable cost is 23
What is 38
The amount of a good that firms are willing to supply at a particular price over a period of time.
What is Quantity Supplied?
The additional cost of doing something one more time
What is Marginal Cost?
Fixed Cost + Variable Cost = ?
What is Total Cost?
What is Short Run?
Calculate Marginal Cost if change in total cost = 68 and change in quantity produced = 2
What is 34?
An increase in the price of a good leads to an increase in the quantity supplied
What is Law of Supply?
The cost of inputs that do not vary with the amount of output produced
What is Fixed Costs?
change in total cost / change in quantity produced = ?
What is Marginal Cost?
What is a Subsidy?
Calculate the revenue is the quantity = 33 and price sold = 10
What is 330?
A table that lists the quantity of a good that will be supplied at a specified prices
What is a Supply Schedule?
The cost of inputs that do vary with the amount of output produced
What is Variable Costs?
What is Revenue?
a shift vs movement along a supply curve
What is a change in supply vs change in quantity supplied?
Calculate Profit if Total Revenue = 1000 and Total Cost = 378
What is 622?
A graphical representation of the supply schedule showing the quantity the firm will supply at each price
What is Supply Curve?
All costs i.e. fixed cost + variable cost
What is Total Costs?
total revenue - total cost = ?
What is Profit?
Occurs in a market when there are many firms selling identical goods, firms are free to enter and exit the market and consumers have full information about the price and availability of goods.
What is Perfect Competition?
Calculate Marginal Cost if the change total cost = 105 and change in quantity produced = 18
What is 25/3?
A graphcial representation of the quantity at various prices by all firms in the market
What is a Market Supply Curve?
The total revenue a firm receives from selling its product minus the total cost of producing it.
What is Profit?
MR = MC