Studied by 7 peopleallocative efficiency
p=mc
productive efficiency
p=min atc
fair return price
p=atc
if cross-price elasticity is negative its a …
complement
if cross-price elasticity is positive its a …
substitute
cost benefit: produce until …
MC=MR
price elasticity formula
% change quantity/%change in price
marginal cost of labor
MC=WL/MPL
Δ Total Revenue/Δ Quantity of resource or MPxP is used to find…
marginal revenue product
a firm should shut down when…
p<avc
Note
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