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15 Cards in this Set
- Front
- Back
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AFC?
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TFC/Q
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ATC?
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AFC+AVC
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AVC?
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TVC/Q
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MC?
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additionaly cost necessay to produce one additional unit of output
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MR?
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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
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MU?
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additional amount of satisfaction by consumer for consuming one additional unit
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TC?
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TVC+TFC
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TFC?
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Total of all payments to fixed inputs
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TR?
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P*Q
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TVC?
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total of all payments
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Deadweight Loss?
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difference between monopolist's gain and consumers loss
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Consumer Surplus?
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max. willing to pay-amt. actually paid
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Profit?
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TR-TC
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Profit maximizing Q?
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MR=MC
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Scurve for perf. comp. firms?
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MC curve, as long as P>AVC
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