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Unit 3

AP Microeconomics

QuestionAnswer
Marginal Product (MP) equation ΔTP / Δinputs
Average Product (AP) equation TP / units of labor
Average Fixed Cost (AFC) equation FC / Q
Average Variable Cost (AVC) equation VC / Q
Average Total Cost (ATC) equation TC / Q
Marginal Cost (MC) equation ΔTC / ΔQ
What shifts when FIXED costs change? AFC & ATC
What shifts when VARIABLE costs change? MC, AVC, & ATC
increasing returns to scale when the output MORE than doubles
constant returns to scale when the output doubles
decreasing returns to scale when the output LESS than doubles
Total Revenue (TR) equation P x Q
Profit equation TR - TC
shut down rule a firm should continue to produce until the additional revenue from each new output equals the additional cost
types of market structures - Perfect Competition - Monopolistic Competition - Oligopoly - Monopoly
characteristics of Perfect Competition - many small firms - identical products/ perfect substitutes - low barriers - seller has no need to advertise - firms are price TAKERS
characteristics of Monopoly - one large firm - unique product (no close substitutes) - high barriers - price MAKERS
characteristics of Oligopoly - less than 10 large producers - identical or differentiated products - high barriers - price MAKER - mutual interdependence
characteristics of Monopolistic Competition - large number of sellers - differentiated products - lots of advertising - low barriers - some control over price
types of barriers to entry - economies of scale (bigger = cheaper) - superior technology - geography or ownership of raw materials - government created barriers (ex: patents)
productive efficiency producing at the lowest possible cost
allocative efficiency producing at the amount most desired by society
Where is PRODUCTIVE efficiency located? where PRICE meets ATC
Where is ALLOCATIVE efficiency located? where PRICE meets MC
Created by: maraschrantz
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