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### 14 Cards in this Set

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• 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.