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8 Cards in this Set
- Front
- Back
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average fixed cost
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fixed cost divided by the quantity produced
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average variable cost
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variable cost divided by the quantity produced
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fixed cost
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cost that does vary with the quantity produced
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variable cost
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cost that varies with the quantity produced
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short-run total cost
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the total cost of production when at least one input is fixed; equal to fixed cost plus variable cost
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economic profit
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total revenue minus economic cost
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economic cost
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the oppurtunity cost of the inputs used in the production process; equal to explicit cost plus implicit cost.
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explicit cost
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the actual monetary payment for inputs
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