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intermediate econ

micro

QuestionAnswer
Total Cost Variable Cost + Fixed Costs
Marginal Cost dTC/dQ
AVC VC/Q
AC TC/Q
how to find diminishing costs of L dMP and set to zero
Perfect Competition large number of firms firms try to max their profits each firm is a price taker information is perfect transactions are costless
P= P=MC=MR
P>AVC Stay Open
P<AVC Shutdown
Long run new firms stop entering until the economic profit is 0
Long Run equilibrium MC=AC
short run at least one input is fixed
long run all inputs are variable
Created by: radu1
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