⭐️ PRODUCTION & COSTS
0.0(0)
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt PlayCard Sorting
1/6
There's no tags or description
Looks like no tags are added yet.
Last updated 11:24 PM on 12/7/25
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
7 Terms
1
New cards
What is economic profit?
Total revenue minus total cost (including implicit costs).
2
New cards
What is marginal cost?
The change in total cost from producing one additional unit.
3
New cards
What is ATC?
ATC = AFC + AVC.
4
New cards
How are MC and ATC related?
MC intersects ATC and AVC at their minimum points.
5
New cards
What is efficient scale?
Output where ATC is minimized.
6
New cards
What is the short run?
A period where at least one input is fixed.
7
New cards
What is the long run?
A period where all inputs are variable.
Note 
Flashcards (31)