Unit 3 Econ Marginal cost/product table value definitions

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Economics

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8 Terms

1
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marginal product

change in total product produced from worker to worker

2
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marginal costs

change to total cost

3
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total cost

variable costs + fixed costs

4
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Value of additional product (VAP)

Marginal product x price

5
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Additional labor cost

cost of adding one more worker, always has to be bigger than the VAP

6
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marginal revenue

change in total revenue

7
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total revenue

price x quantity

8
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profit

total revenue — total cost