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15 Cards in this Set

  • Front
  • Back
AFC?
TFC/Q
ATC?
AFC+AVC
AVC?
TVC/Q
MC?
additionaly cost necessay to produce one additional unit of output
MR?
extra amount of money earned when selling one additional unit of output. perf. comp: = market price. for firm with mkt. power: MR curve below Dcurve
MU?
additional amount of satisfaction by consumer for consuming one additional unit
TC?
TVC+TFC
TFC?
Total of all payments to fixed inputs
TR?
P*Q
TVC?
total of all payments
Deadweight Loss?
difference between monopolist's gain and consumers loss
Consumer Surplus?
max. willing to pay-amt. actually paid
Profit?
TR-TC
Profit maximizing Q?
MR=MC
Scurve for perf. comp. firms?
MC curve, as long as P>AVC