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### 20 Cards in this Set

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