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13 Cards in this Set
- Front
- Back
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Accounting Profit
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Revenue-Explicit costs
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Economic Profit
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Accounting Profit-Implicit Costs
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Economic Profit(to summarize)
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Total Revenue- Economic Costs aka (Explicit Costs- Implicit Costs)
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Marginal Product
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Change in Total Product/Change in Labor input
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Average Product
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Total/Units of labor
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Fixed Costs
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Costts do not vary with output
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Variable Costs
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Costs vary with output
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Total Costs
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Total Fixed Cost + Total Variable Cost
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Average Fixed Costs
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Total Fixed Cost/Quantity
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Average Variable Costs
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Total Variable Cost/ Quantity
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Marginal Cost
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Change in Total Cost/ Change in Quantity
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DO not engage in any activity where..
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MC>MB
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Average total cost
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Total cost/output(quantity)
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