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Chapter 13 - ECON 101 BALABAN Chapter 13 Total revenue the...

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ECON 101 – BALABAN Chapter 13 Total revenue – the amount a firm receives for the sale of its output. Total cost – the market value of the inputs a firm uses in production. Profit – total revenue minus total cost. Explicit costs – input costs that require an outlay of money by the firm. Implicit costs – input costs that do not require an outlay of money by the firm. Economic profit – total revenue minus total cost, including both the explicit and implicit costs. Accounting profit – total revenue minus total explicit cost. Production function – the relationship between the quantity of inputs used to make a good and the quantity of output of that good Production function – shows the relationship between the number of workers hired and the quantity of output produced. (X-axis: number of workers. Y-axis: Quantity of Output.) Total-cost curve – shows the relationship between the quantity of output produced and total cost of production. (X-axis: quantity of output. Y-axis: total cost.)
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