Econ - Business Costs and Production

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9 Terms

1
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Profit (π)

total revenue - total cost

2
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Total revenue

price * quantity

3
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Marginal Product

extra output from hiring a person

4
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Total cost

VC + FC

5
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Average total cost

TC/Q

6
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Average variable cost

VC/Q

7
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Average fixed cost

FC/Q

8
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Average total cost

AVC + AFC

9
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Marginal cost (MC)

change in TC/ change in Q