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15 Cards in this Set

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A technological relationship expressing the maximum quantity of a good attainable from different combinations of factor inputs. Relationship betweeninputs and outputs
production function
Output per unit of input.
Productivity
Maximum output of a good from the resources used in production
efficiency
Change in total
Marginal
Where production of a product can be increased w/ existing equiptment and buildings
Short Run
Time period necessary to purchase new equiptment or build new buildings
Long Run
Some factors are fixed and some are variable
Short Run
All factors are variable
Long run
Extra cost of produc ing one more unit
Marginal Cost
Compensations which must be received by resource owners so they will continue to supply them in a particular line of production
Economic Cost of Production
The maximum a resource can earn in another capacity.
Opportunity Cost
Expenditures
Explicit
non expenditures cost.. whenever a firm owns its own resources
Implicit
The rate of output where price equals minimum AVC
Shutdown
A market in which no buyer or seller has market power
Competitive market