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### 17 Cards in this Set

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 Name 3 Return to Scale (RTS) 1. Increasing RTS 2.Constant RTS 3. Decreasing RTS Give N, L, K and Q meanings for the 3 RTS. 1. 2N, 2l, 2K = 3Q 2. 2N, 2l, 2K = 2A 3. 2N, 2l, 2K = 1.5Q Graph income leisure trade-off,and label each axis. tax effect CE: MUa = MUb = MUe Pa Pb Pe Qa Qb Qe Degine Marginal Revenue Products of labor. Pn * MPn ATC= AFC= AVC= MC= TC/Q FC/Q VC/Q shiftTC/shiftQ what is LRATC? Long Run Average Total Cost. What is the name of the thereom? Who invented it? Envelope thereom, Slutsky invented it. Graph indifference Curve. Provide the ratios. Do the curves touch? On the indifference curve they touch at only 1 point. That point is -MUx/MUy = -Px/PY Define Physical Capital and Human Capital. Physical Capital - "K", machinery equipment. Human Capital - "N", EE skill based. Name 4 out 6 Characteristics of pure/perfect competition. 1. lots f sellers, 2. homegenous products, 3. easy entry/exit, 4. price taker, 5. no economic profit Define Marginal Rate of Substitution MRSx,y = -MUx/MUy What is the shut-down rule? TC TR VC, stay in business for SR TC TR VC, shut down in the LR. TR VC, shut down NOW! What is Substitution Effect and what is Income Effect? Px Qx Qy Px DisposableIncome Qx Qy Define Factor Distribution of Income. MPl/Pl MPn/Pn MPk/Pk Ql Qn Qk Define 3 compensating wage of differential 1. skill level 2. danger 3. fun level Use #11 and now the price of beer is \$2.50 Was this a partial shift or full shift? what is partial and fullshift? Partial shift partial shif in 1 price only full shift in both prices or shift in income.