Inputs
The way a firm combines inputs to produce an output?
Production function
How many more items are produced by adding one more worker?
Marginal Product
MC
Marginal Cost
How do you find total revenue?
Price x Quantity
How many types of profits are their?
Two
Inputs that can be changed in the short run to change production?
Variable
Change in Total Product / Change in labor
Marginal Product
MR
Marginal Revenue
How do you find cost?
Fixed costs + Variable costs
How do you find total revenue?
Price x Quantity
Inputs that cannot be changed in the short run to change production?
Fixed
How many products will each worker make?
Average Product
FC
Fixed Cost
Total cost is also called what ?
Explicit costs
How do you find total cost?
Explicit costs + implicit costs
Labor and materials are examples of what type of input?
Variable
Total product / Labor
Average Product
AFC
Average fixed cost
How do you find accounting proft?
Total revenue - explicit costs
How do you find economic profit?
Total revenue - Explicit AND implicit costs
Tools and machines are examples of what type of input?
Fixed
The way a firm combines inputs to produce and output?
Product Function
ATC
Average total cost
What is explicit costs?
money spent on materials, utilizes labor, rent, capital, ect.
What is implicit costs?