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24 Cards in this Set

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Treated as a cost.

Required to attract & retain resources
Normal Profits
Total Revenue - Economic Cost
Economic Profit
Opportunity costs in economic profit are
explicit and implicit
Accounting profit includes ________ costs only
explicit
both short long and long run is based on annual chronology
accouting
short run has fixed plant capiticy size

long run has variable plan capiticy size
economics
Change in Total Product / Change in Labor Input =
Marginal Product
Total Product / Units of Labor
Average Product
Total Fixed Costs / Quantity
Average Fixed Costs
Total Variable Costs / Quantity
Average Variable Costs
Total Costs / Quantity
Average Total Cost
Change in Total Costs / Change in Quantity
Marginal Cost
TFC
Total Fixed Cost
TVC
Total Variable Costs
TC
Total Costs
AFC
Average Fixed Costs
AVC
Average Fixed Costs
ATC
Average Total Costs
MC
Marginal Cost
For every plant capiticy size there is a _________
Short run ATC curve
Envelopes all of the short run ATC curves
long run ATC curve
labor specialization, managerial specialization, efficient capital
Economies and diseconomies of scale
Minimum efficient scale
MES
Rise cost of insurance and illustrations, rising cost of insurance and security, successful start-up firms,
natural monopoly