ap micro vocab

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18 Terms

1
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Total Profit

TR-TC

2
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Average Profit

AR-AC

3
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Marginal Profit

MR-MC

4
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Total Cost

Fixed cost + Variable cost

5
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Accounting Profit

total revenue - total explicit cost

6
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Economic Profit

Total revenue - explicit and implicit

7
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Total revenue

average revenue x quantity

8
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Total Cost

average cost x quantity

9
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Total product

average product x quantity

10
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average cost

Total cost/Quantity

11
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Average variable cost

Variable cost/Quantity

12
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Average Fixed Cost

Fixed cost/Quantity

13
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Where does MC intersect ATC and AVC

Minimum point

14
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Marginal Revenue

ΔTotal Revenue/ΔQuantity

15
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Marginal Product

ΔTotal Product/ΔQuantity

16
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When does a firm maximize profit

MR = MC (Perfect competition)

17
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When Price < AVC

Firm shuts down

18
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When ATC > Price ≥ AVC

Loss but still produce