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16 Cards in this Set
- Front
- Back
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explicit
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excludes opp costs
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implicit
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opp costs
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economic profit
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tr - tc (i&e)
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accounting profit
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tr - explicit
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in the short run factors are
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some can be fixed
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long run
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all factors can be varied
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marginal product
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change in total product that results from a one-unit change in variable input
mp=change in tp/ change in l |
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economies of scale
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average total costs fall as plant size increases
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diseconomies of scale
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costs start to rise
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ap
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average product
tp/labor |
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tfc
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total fixed cost
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tvc
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total variable cost (labor)
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tc =
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tc = tfc + tvc
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afc
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tfc/q
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avc
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tvc/q
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atc
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tfc+tvc/q
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