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14 Cards in this Set

  • Front
  • Back
Marginal product of labor
change in quantity/change in quantity of labor
fixed input (FI)
input whose quantity is fixed and cannot be varied
variable input (VI)
input whose quantity the firm can vary.
long run
time period in which all inputs can be varied
short run
time period in which at least one input is fixed
marginal product (MP)
additional quantity of output that is produced by using one more unit of that input
fixed cost (FC)
a cost that does not depend on the quantity of output produced. it is the cost of the fixed input
variable cost (VC)
a cost that depends on the quantity of output produced. it is the cost of variable input.
total cost (TC)
sum of the fixed cost and the variable cost of producing the quantity of output.
total cost curve
shows how totla cost depends on the quantity of output
average total cost (ATC)
total cost divided by quantity of output produced.
average fixed cost (AFC)
fixed cost divided by quantity of output
average variable cost (AVC)
variable cost divided by quantity of output
minimum cost output
quantity that corresponds to the minimum average total cost. bottom of the u-shaped average total cost curve.