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9 Cards in this Set
- Front
- Back
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Total Revenue
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Price x Quantity
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Profit
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Total Revenue - Total cost
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Total cost
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Total variable cost + total fixed cost
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Marginal Cost
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Change in total cost / change in quantity
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Avg Cost
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total cost / quantity
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Avg variable cost
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Total variable cost / quantity
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Marginal Revenue
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Change in total revenue / change in quantity
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Marginal Product
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Change in output / change in input
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Profit maximization occurs where
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Marginal revenue = marginal cost
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