fixed inputs
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resources used at a constant amount in the production of a commodity
4 types of economic resources
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Land, Labor, Capital, Entrepreneurship
When are profits maximized?
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When MR=MC
How to calculate Marginal Cost
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MC = Change in Total Cost / Change in Quantity
definition of total utility
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the total amount of pleasure from the total units consumed
Marginal Product
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, The change in the total product that occurs when an additional unit of a
variable input is used
What is a price floor?
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a government imposed limit on how low a price can be charged
What is Welfare Loss?
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the loss of potential net benefits to market participants due to inefficiency
in a specific market.
It is caused any time the market deviates from perfect competition.
How to calculate Average Total Cost
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ATC = Total costs/Quantity
What is a corrective tax?
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resources used at a constant amount in the production of a commodity
4 types of economic resources
,Give this one a try later!
Land, Labor, Capital, Entrepreneurship
When are profits maximized?
Give this one a try later!
When MR=MC
How to calculate Marginal Cost
Give this one a try later!
MC = Change in Total Cost / Change in Quantity
definition of total utility
Give this one a try later!
the total amount of pleasure from the total units consumed
Marginal Product
Give this one a try later!
, The change in the total product that occurs when an additional unit of a
variable input is used
What is a price floor?
Give this one a try later!
a government imposed limit on how low a price can be charged
What is Welfare Loss?
Give this one a try later!
the loss of potential net benefits to market participants due to inefficiency
in a specific market.
It is caused any time the market deviates from perfect competition.
How to calculate Average Total Cost
Give this one a try later!
ATC = Total costs/Quantity
What is a corrective tax?
