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Last updated 6:07 PM on 5/6/24
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10 Terms
1
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allocative efficiency
p=mc
2
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productive efficiency
p=min atc
3
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fair return price
p=atc
4
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if cross-price elasticity is negative its a …
complement
5
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if cross-price elasticity is positive its a …
substitute
6
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cost benefit: produce until …
MC=MR
7
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price elasticity formula
% change quantity/%change in price
8
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marginal cost of labor
MC=WL/MPL
9
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Δ Total Revenue/Δ Quantity of resource or MPxP is used to find…
marginal revenue product
10
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a firm should shut down when…
p<avc
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Flashcards (54)