Bob

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- MPP=change TPP/change #workers

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

- TC=TFC + TVC

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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 profitTR 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 profitTR is less than TC, increased exit

- Zero (norm) econ profitTR=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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