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;
11 Cards in this Set
- Front
- Back
|
Average revenue |
Total revenue / quantity sold |
|
|
Marginal revenue |
Change in total revenue / change in quantity |
|
|
Short run |
Time period where at least one factor of production is fixed |
|
|
Long run |
Time period when no factors of production are fixed |
|
|
Fixed costs |
Costs that don’t change in the short run |
|
|
Variable costs |
Costs that change according to level of output |
|
|
Total costs |
Fixed costs+variable costs |
|
|
Marginal costs |
Change in total costs / change in output |
|
|
Average cost |
Total cost / output |
|
|
Diminishing marginal returns |
As extra input is added they contribute less to total output than the previous addition of a level of output |
|
|
Marginal product |
Addition to output produced by an extra unit of input |
