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- APP=TPP/#workers

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- When MPP is at highest value, MC is at lowest value


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- AVC=TVC/Q first falls then rises law of Diminishing Marginal Returns

- AFC=TFC/Q decreases as output increases

- ATC=TC/Q AFC+AVC first falls then rises law of Diminishing Marginal Returns

- MC= Change in TC / Change in Q. initially falls then rises as output rises

- SRATC=TC / Total Q when one resource is fixed

- Profit=TR-TC TR=P x Q profit max where MC=MC elasticity of demand=1

- Short run- at least 1 input resource fixed, LR-all resources variable

- MC intersects ATC and AVC at min. value points

- LRATC- lowest cost combo of resources with which each Level of output is produced when all resources are variable

- Economy of scale P falls as Q rises. Diseconomy of scale P rises as Q rises Constant returns to scale P constant as Q rises

- Causes of Economy of scale employee specialization, machinery efficiency

- Causes of Diseconomy of scale difficulty managing large enterprises

- MES output level at which cost per unit is lowest, min pt on LR AVC

- Perfect competition standardized products, many firms, easy entry, perfect info, price taker, horizontal line at equilibrium Price (perfectly

elastic demand), price change line shifts up or down, MR=MC profit max or loss min

- If price is above ATCàprofit if price is below ATCà loss break evenàequal to min pt on AVC (norm. economic profit)

- Temp Shutdown priceàmin pt. on AVC curve, if price is less than shutdown price, firm should shut down in SR

- Perm. Shutdown price in LRàmin pt on ATC curve, if price is less than shutdown price, firm should shut down in LR

- Firm’s supply curve in SRàportion of MC curve lies above ATC curve, LRàportion MC that lies above min pt. on ATC

- Positive econ profit�TR is greater than TC including all Opportunity cost, increased entry into market, added value exceeds return

shareholders expected to get in alternative investment, firm returns more to owners than Opportunity cost

- Negative economic profit�TR is less than TC, increased exit

- Zero (norm) econ profit�TR=TC firm neither adds/subtracts value, revenue pays inputs, no profit, no entry/exit, price= to min. pt. on ATC

- Allocative efficiency-Price=MC, firms produce goods consumer wants, productive efficiency-firms produce goods at lowest possible cost

- Law of Diminishing Marginal Ret- When successive equal amts. of a var. resource are comb with a fixed amt of another resource,

marginal increases in output can be attributed to each add unit of the variable resource. It will eventually decline.

- Law of Diminishing Marginal Returns shows the relationship between costs and output in the short-run.

- What does a U-Shape rep in cost curve? � That output has increased. A great deal of output can be produced by each add unit of a var

resource initially, eventually the increase of output slows and may decline as more variable resources are added, and there is excess.

- Unit costs remain constant as the quantity of production increases, and all resources remain variable

- U-shape in Long-Run- From the economies and diseconomies of scale, unlike short-run curves who get it from Diminishing Marginal Ret.

- Adding value mean- Creating output that is more valuable than the resources used to create the output.

- Economic Profit- Total revenue less than total costs including all opportunity costs.

- Accounting Profit- Total revenue less than total costs, excluding opportunity costs of capital.

- Negative Economic Profit- Total revenue is less than total costs when total costs include opportunity costs.

- Maximum profit- At the point where Marginal Cost (MC) = Marginal Revenue (MR). (MC=MR)

- When MCMR, producing more = less profit. When MCMR, producing more, more profit.

- Supply Rule- Produce and offer for sale the quantity at which MR= MC to maximize profit.

- Monopoly- Sole providers of one product, ultimate price setting power, difficult entry.

- Monopolistic Competition- Large number of firms, easy entry, different products, little price elasticity.

- Oligopoly- few firms, each affects the market directly, entry into market is quite difficult, Interdependent

- What is special about the curve of a perfectly competitive firm? � MR=D=AR=P

- Perfectly Competitive firm- many firms, identical products, entrance/exit easy, price taker, decides only on how much output.

- Shut down Price- the minimum point of the AVC curve. If market price min pt of AVC, will endure less losses to if it stops prod.

- Break even Price- the min pt on the ATC curve. Economic profit = 0, but firm is making enough $ to sustain its operation.

- Permanent Shut-Down- If all costs can’t be covered in the long run. Stay above minimum point on ATC curve.

- Perfectly competitive firm in long run- makes normal profit ($0).

- Economic Efficiency- When the price of a good of service barely covers the MC of producing the good. People get what they want.

- Producer Surplus- Difference between the price firms would’ve been willing to accept for products, and the higher price they

Received. Area below equilibrium price, and below the demand curve.

- Consumer Surplus- Area above Equilibrium price and below the demand curve. The price that the consumer is willing to pay,

and the lower price, which the consumer actually ends up paying.

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