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# Econ Midterm 1

### From Notes

Short-Run Production Period of time so short that at least 1 input is fixed and cannot be varied in amount.
Long-Run Production Period of time long enough that all inputs can be varied in amount.
Production Functions Relates the amount of output to the amount of input.
Marginal Product Definition Increase in total product that results when one additional worker is hired.
Marginal Product Formula %Change TP/ %Change Labor
Law of Diminishing Marginal Returns As a variable input is increased holding the other input constant, beyond some point the marginal product will decline.
Economic Profit (pi) Total revenue - Total Cost
Sunk Cost A cost that cannot be recovered at the time a decision is made (should be ignored).
Explicit Costs Involve actual \$\$\$ payment for something; "cold hard cash."
Implicit Costs Wage or salary given up; "figurative \$\$\$."
Marginal Cost Definition Increase in total cost that results when one additional unit of output (TP) is produced.
Marginal Cost Formula %Change TC/ %Change Quantity
Total = Average * Quantity
Average = Total/ Quantity
TC Formula TC = TFC +TVC
TFC Formula TFC = TC - TVC
AFC Formula AFC = TFC/Q
Created by: whaleydrew
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