Econ Exam 2 Terms + Equations
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13 Terms
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Accounting Profit
Total Revenue - Explicit Costs
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Economic Profit
Total Revenue - Total Cost (implicit + explicit)
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Fixed costs
Costs you pay once to start production. Costs that do not change depending on output. Ex: rent, the cost of a factory, the cost of a machine
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Variable Costs
Costs that vary with production output, including materials and labor. These costs increase as production increases.Ex: input costs, workers, etc
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Marginal Product
Change in total product/change in input
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TFC
Total Fixed Cost, no equation
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TVC
Total Variable Cost
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TC
Total Cost, TC=TFC+TVC
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AFC
Average Fixed Cost, TFC/Q
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AVC
Average Variable Cost, TVC/Q
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ATC
Average Total Cost, ATC=TC/Q
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MC
Marginal Cost, MC = Change in TC/change in Q
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Note 
Flashcards (43)