Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
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
|
