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Unformatted text preview: Notes File Edit t Format View Window Help 97% Wed 1:28 AM 88 Aa Lo Qv Search iCloud November 5, 2017 at 1:12 AM All iCloud You say i got homework 11/22/17 How i got home... Econ Notes 8 MT2 Notes sdfvbnm sdfvbnm Sunk Cost Fallacy Econ Notes 10 MT2 Recently Deleted 11/5/17 10/25/2017 The tendency to drag past (sunk) costs into marginal benefit v. marginal cost calculations. On My Mac Notes While making a new decision, one should ignore all costs do not affect the decision at hand. Notes Econ Notes 9 MT2 11/5/17 A monopolist is a.... Cost in the Run Google Notes Fixed Cost- Any production that is independent of the firm's rate of output. Notes Econ Notes Ch. 7 MT2 11/5/17 Total Utility- The... Variable Cost- Any production cost that changes as the rate of output changes. Notes Total Cost- The sum of fixed cost and variable cost, or TV = FC + VC. Econ Notes 8 MT2 Average Variable Cost- Variable cost divided by output, to AVC = VC/q. 11/5/17 Sunk Cost Fallacy Notes Average Total Cost- Total cost divided by output, or ATC = TC/q; the sum of average fixed cost and average Brain Storming Intervi... Long-Run Average Cost Curve- A curve that indicates the lowest average cost of production at each rate of output when the size, or scale, of the firm varies; also called the 10/25/17 Due 2 weeks fro... planning curve. Notes Economics of Scale- Forces that may eventually increase a firm's average cost as the sole of operation increase in the long run. Audio Notes 10/17/17 Midterm Review [All the Movies] Notes Constant Long Run Average Cost- A cost that occurs when, over some range of output, long run average cost neither increases nor decreases with changes in firm size. Writing For Media 10/17/17 Writing Assignm... [Billions and Billions of Burgers] Notes Perfect Competition CH.8 Audio Notes 10/5/17 Sample Rate: 44.... Market Structure- important features of a market such as the number of firms product uniformly across firms, firms' case of entry and exit, and forms of competition. Notes Perfect Competition- A market structure with many fully informed buyers and sellers of a standardized product and no obstacles to entry or exit of firms in the long run. Bath Bomb Ingredients 9/28/17 1/2 Cup - Baking... Commodity- A standardized product. A product that does not differ across producers, such as bushels of wheat or an ounce of gold. Notes . Price Taker- A firm that faces a given market price and whose quantity supplied has no effect on that price; a perfectly competitive firm. Econ Notes 6 9/25/17 Elastic Demand... Marginal Revenue- The change in total revenue from selling an additional unit; in perfect competition, marginal revenue is also the market price. Notes Golden Rule of Profit Maximization- To maximize profit or minimize loss, a firm should produce the quantity at which marginal revenue equals marginal cost; this rule holds for all market structures. - New Folder Economic Notes 5 9/25/17 Price Elasticity O... Average Revenue- Total revenue divided by out, or AR=TR/q; in all market structures, average revenue equals the market price. 4 7 4 2 9 3 30 1 4 0 QW P X 5 PS S Pr | AU...
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  • Fall '12
  • vredeveld
  • Economics, marginal cost calculations

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