Unit 3 Econ Marginal cost/product table value definitions
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Last updated 11:05 PM on 12/10/23
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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
Note 
Flashcards (33)