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Ap Econ unit 3

TermDefinition
Total Revenue the amount a firm receives for the sale of its output
Total Cost the market value of the inputs a firm uses in production
Profit total revenue minus total cost
Explicit Costs input costs that require an outlay of money by the firm
Implicit Costs input costs that do not require an outlay of money by the firm
Economic Profit total revenue minus total cost, including both explicit and implicit costs
Accounting Profit total revenue minus total explicit cost
Production Function the relationship between the quantity of inputs used to make a good and the quantity of output of that good
Marginal Product the increase in output that arises from an additional unit of input
Diminishing Marginal Product the property whereby the marginal product of an input declines as the quantity of the input increases
Fixed Costs costs that do not vary with the quantity of output produced
Variable Costs costs that vary with the quantity of output produced
Average Total Costs total cost divided by the quantity of output
Average Fixed Costs fixed cost divided by the quantity of output
Average Variable Costs variable cost divided by the quantity of output
Marginal Costs the increase in total cost that arises from an extra unit of production
Efficient Scale the quantity of output that minimizes average total cost
Economies of Scale the property whereby long-run average total cost falls as the quantity of output increases
Diseconomies of Scale the property whereby long-run average total cost rises as the quantity of output increases
Constant Returns to Scale the property whereby long-run average total cost stays the same as the quantity of output changes
Competitive Market a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
Average Revenue total revenue divided by the quantity sold
Marginal Revenue the change in total revenue from an additional unit sold
Sunk Cost a cost that has already been committed and cannot be recovered
Created by: miller.shelby155
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