Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

BA 315

Chapter 13

QuestionAnswer
What is the relationship between a firm's total revenue, profit, and total cost? The relationship between a firm's total revenue, profit, and total cost is profit equals total revenue minus total costs.
Give an example of an opportunity cost that an accountant might not count as a cost. Why would the accountant ignore this cost? An accountant would not count the owner’s opportunity cost of alternative employment as an accounting cost. The accountant ignores this opportunity cost because money does not flow into or out of the firm.
What is marginal product, and what does it mean if it is diminishing? Marginal product is the increase in output that arises from an additional unit of input. Diminishing marginal product means that the marginal product of an input declines as the quantity of the input increases
Define total cost. Total cost consists of the costs of all inputs needed to produce a given quantity of output. It includes fixed costs and variable costs.
Define average total cost. Average total cost is the cost of a typical unit of output and is equal to total cost divided by the quantity produced.
Define marginal cost Marginal cost is the cost of producing an additional unit of output and is equal to the change in total cost divided by the change in quantity.
How and why does a firm's average-total-cost curve differ in the short run and in the long run? In the long run, a firm can adjust the factors of production that are fixed in the short run.
Define economies of scale and explain why they might arise. Economies of scale exist when long-run average total cost falls as the quantity of output increases, which occurs because of specialization among workers.
Define diseconomies of scale and explain why they might arise. Diseconomies of scale exist when long-run average total cost rises as the quantity of output increases, which occurs because of coordination problems inherent in a large organization.
Created by: 11513291
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards