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20 Cards in this Set
- Front
- Back
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average cost minimization
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Activity level that generates the lowest average cost, MC = AC
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breakeven point
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Output level at which total profit is zero
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dependent variable
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Y variable determined by X values
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equation
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Analytical expression of functional relationships
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graph
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Visual representation of data
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incremental change
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Total difference resulting from a decision
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incremental profit
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Gain or loss associated with a given managerial decision
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independent variable
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X variable determined separately from the Y variable
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inflection point
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Point of maximum or minimum slope
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marginal
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Change in the dependent variable caused by a 1-unit change in an independent variable
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marginal cost
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Change in total cost following a 1-unit change in output
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marginal profit
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Change in total profit due to a 1-unit change in output
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marginal revenue
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Change in total revenue associated with a 1-unit change in output
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optimal decision
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Choice alternative that produces a result most consistent with managerial objectives
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profit maximization
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Activity level that generates the highest profit, MR = MC and M? = O
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revenue maximization
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Activity level that generates the highest revenue, MR = 0
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slope
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Measure of the steepness of a line
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spreadsheet
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Table of electronically stored data
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table
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List of economic data
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tangent
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A straight line that touches a curve at only one point
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