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24 Cards in this Set
- Front
- Back
Treated as a cost.
Required to attract & retain resources |
Normal Profits
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Total Revenue - Economic Cost
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Economic Profit
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Opportunity costs in economic profit are
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explicit and implicit
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Accounting profit includes ________ costs only
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explicit
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both short long and long run is based on annual chronology
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accouting
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short run has fixed plant capiticy size
long run has variable plan capiticy size |
economics
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Change in Total Product / Change in Labor Input =
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Marginal Product
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Total Product / Units of Labor
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Average Product
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Total Fixed Costs / Quantity
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Average Fixed Costs
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Total Variable Costs / Quantity
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Average Variable Costs
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Total Costs / Quantity
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Average Total Cost
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Change in Total Costs / Change in Quantity
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Marginal Cost
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TFC
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Total Fixed Cost
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TVC
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Total Variable Costs
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TC
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Total Costs
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AFC
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Average Fixed Costs
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AVC
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Average Fixed Costs
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ATC
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Average Total Costs
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MC
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Marginal Cost
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For every plant capiticy size there is a _________
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Short run ATC curve
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Envelopes all of the short run ATC curves
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long run ATC curve
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labor specialization, managerial specialization, efficient capital
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Economies and diseconomies of scale
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Minimum efficient scale
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MES
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Rise cost of insurance and illustrations, rising cost of insurance and security, successful start-up firms,
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natural monopoly
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