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Ag Econ

agricultural economics

The value of satisfaction or the return that could have been recieved from an alternative choice that is forgone or sacrificed resulting from a decision by an individual opportunity cost
the amount of satisfaction that can be derived from a particular good or service by an individual utility
The study of economics that is based on the entire economic system macroeconomics
gaining ownership of successive stages in the production, processing, and marketing of a particular commodity by one firm vertical integration
indicates all possible combinations of two goods that will provide the same amount of total satisfaction (utility) indifference curve
All possible combinations between two goods that can be purchased with a set amount of money budget line
A change in price results in a larger change in Q demanded (%change in price < %change in Q demanded) X>1 elastic demand
Increase in income, increase in Qd. Examples: new cars, wine, steak, new clothes normal good
The change in total product divided by change in the number of units of input (fertilizer) marginal product
amount of output produced by each individual unit of the variable input in the production process. (adjusted total product / number of units of input) average product
additional cost of adding one more unit of a variable input to the production process marginal factor cost
additional return (change in total returns) recieved from the production process by adding one more unit of variable input to the production process marginal value product
the amounts of various combinations of two inputs which can be purchased with a given amount of money (equal cost). The slope is equal to the price ratio (price input added / price input replaced) isocost line
indicates the maxium output levels (combinations) for two products that can be produced from a given set of resources production possibility curve
total cost / total product. average total cost
represents the additional return that can be recieved from producing another unit of output in the production process marginal revenue
a large change in market price results in only a small change in the quantity supplied by producers in the market. Producers are not very price responsive. Es<1. % change in P > % change in Q inelastic supply
Price searcher. Only one firm makes up the industry monopoly
A change in these costs only affects profits but never changes the level of production fixed costs
condition that exists when a "price ceiling" is established in the market market shortage
firms conbine within the same industry (pizza hut merges with godfathers pizza) horizontal merger
Created by: j.cob.xc



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