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15 Cards in this Set

  • Front
  • Back
total revenue
price X quantity
marginal utility
change in total utility/ change in number of units consumed
consumer surplus
willing to pay - actually paid
profit
total revenus - total cost
total cost
total fixed cost + total variable cost
average variable cost
TVC / Q
average total cost
AFC + AVC
marginal cost
change in total cost / change in quantity
marginal product of labor
change in quantity / change in number of workers
elasticity coefficient
EP = % change Qd/ % change P
EP > 1
elastic, flat
EP = 1
unit elasticity
EP < 1
inelastic, steep
EP = 0
perfectly inelastic
EP = infinity
perfectly elastic