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Last updated 6:20 AM on 6/16/25
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12 Terms
1
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Total Cost formula
TFC + TVC
2
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Average Fixed Cost formula
TFC / Q
3
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Average Variable Cost formula
TVC / Q
4
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Average Total Cost formula
TC / Q
5
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Marginal Cost formula
Change in TC / Change in Q
6
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Short Term shut-down point
When price is below minimum AVC.
7
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Long Term shut down point (break even point)
Where price = minimum ATC (zero profit)
8
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Profit maximizing rule
Price = MC (marginal cost)
9
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Long-Run equilibrium point
Where price = minimum ATC
10
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productive efficiency
firms are producing at the lowest possible cost (minimum ATC)
11
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Allocative efficiency
Where products are produced at the cost that consumers value it (P = MC)
12
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Profit formula
(P-ATC) * Q
Note 
Flashcards (393)