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Econ 5 & 6

Econ 5

QuestionAnswer
law of supply producers offer more of a good as its price increases and less as its price falls
supply the amount of goods available
quantity supplied the amount that a supplier is willing and able to supply at a specific price
certris paribus all other things held constant
supply schedule chart that lists how much of a good a supplier will offer at various prices
variable factor that can change
market supply schedule chart that list how much of a good all suppliers will offer at various prices
supply curve A graph of the quantity supplied of a good at various prices
elasticity of supply a measure of the way quantity supplied reacts to a change in price
marginal product of labor change in output from hiring one additional unit of labor
increasing marginal returns level of production in which the marginal product of labor increases as the number of workers increases
diminishing marginal returns level of production at which the marginal product of labor decreases as the number of workers increases
fixed costs cost that does not change, no matter how much of a good is produced
variable cost cost that rises or falls depending on the quantity produced
total cost sum of fixed costs plus variable costs
marginal cost cost of producing one more unit of a good
marginal revenue additional income from selling one more unit of a good; sometimes equal to price
average cost total cost divided by the quantity produced
operating cost cost of operating a facility, such as a factory or a store
subsidy A government payment that supports a business or market
excise tax The government tax on the production or sale of a good that will affect the supply of that good
regualtion government intervention in a market that affects the production of a good
How is total cost of a factory determined? Adding fixed costs plus variable costs together
How is profit determined? Subtracting total cost from total revenue
In what situation would a factory that is losing money keep operating? It total revenue is greater than operating cost
How does specialization affect production? It makes workers more effecient.
Analyzing future price expectations If a farmer knows that the price of a crop will rise, he will store the goods now in order to sell the crop at a higher cost in the future
Transportation Costs Cost of transporting a finished good to the consumer
Why is labor a variable cost? Because it changes with the number of workers.
Capital Any human-made resource used to produce other goods. Exam. sewing machine, scissors
Market Supply Curve A graph of the quantity supplied of a good by all suppliers at various prices
What encourages a producer to make more of a good? The promise of higher (profit)
Profit The total revenue minus the total cost
Created by: sudokken