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Ch 5 Supply

Spalding Academy 10th Econ

The rising portion of a firm’s marginal cost curve at or above the price that will allow the firm to cover variable cost Competitive firm's supply curve
Forces that reduce a firm’s average cost as the firm’s size, or scale, increases in the long run Economies of scale
A measure of the responsiveness of quantity supplied to a price change; the percentage change in quantity supplied divided by the percentage change in price Elasticity of supply
Any production cost that is independent of firms output Fixed costs
As more of a variable resource is added to a given amount of fixed resources, marginal product eventually declines and could become negative Law of diminishing returns
The quantity of a good supplied in a given time period is usually directly related to its price, other things constant Law of Supply
A period during which all resources can be varied Long run
The lowest average cost of production at each rate of output when the firm’s size is allowed to vary Long-run average curve cost
The change in total cost resulting from a one-unit change in output; the change in total cost divided by the change in output Marginal cost
The change in total product resulting from a one-unit change in a particular resource, all other things constant Marginal product
The change in total revenue from selling another unit of good Marginal revenue
Change in quantity supplied resulting from a change in the price of the goods, other things constant Movement along a supply curve
Increase or decrease in supply resulting from a change in one of the determinants of supply other than the price of a good Shift of a supply curve
A period during which at least one of a firm’s resources is fixed Short run
A relation showing the quantities of a good producers are willing and able to sell at various prices during a given period, other things constant Supply
A curve or line showing the quantities or a particular good supplied at various prices during a given time period, other things constant Supply curve
Fixed cost plus variable cost; the cost of all resources used by the firm Total cost
A firm’s total output Total product
Any production cost that changes as output changes Variable costs
If the government imposes strict rules on how many farmers may produce blueberries, what would happen to the supply of blueberries? Prices rise, supply increase
A new machine that decreases the time it takes to produce a specific airplane engine part is introduced to the market. What would most likely happen to the supply of this part? Reduces cost of production, supply curve shifts right
Why are there no fixed costs in the long run? All inputs can be varied (i.e. building expands, depression, etc)
Open a small shop that sells chocolates. Your monthly fixed costs total $2,500. You pay one employee $1,000 per month and your total revenue from sales last month was $3,000. Should you continue to operate your business or shut it down? Explain. Yes. Your monthly costs are $3,500 and you make $3,000
Created by: rejoyce431
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