micro year 2 cc1
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Last updated 8:50 AM on 9/17/26
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11 Terms
1
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total product
total output produced with given inputs
APx Q
2
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average product
the average output produced per unit of input
3
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marginal product
the additional output produced with extra unit of inputs
4
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total cost
total costs a firm must pay
5
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average cost
cost per unit
6
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marginal cost
cost of making one more unit
7
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total fixed costs
costs incurred when output is zero
they dont change with output
8
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average fixed cost
fixed costs per unit
9
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variable cost
variable cost per unit
10
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total revenue
total amount of money a firm receives, turnover, sales revenue
11
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