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Horizontal Line Vertical Line
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Undefined slope. Zero slope.
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Horizontal Vertical
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x = k (line) y = k (line)
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Y X
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Independent variable. Dependent variable.
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Price Quantity Demanded
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Dependent variable for supply and demand. Independent variable for supply and demand.
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Variable Costs Fixed Costs
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Constant in the short run; do not change with changes in output. Per item cost (i.e. labor, materials, etc.); change with changes in output.
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Marginal and Fixed Costs Marginal Cost
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The change in total cost from a one-unit change in output. The values for “m” and “b” in the cost function, respectively.
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Break-Even Quantity Slope
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Marginal cost in the cost function. The output at which total revenue equals total cost.
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Echelon Method Break-Even Point
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The corresponding ordered pair to the break-even quantity. A systematic approach for solving systems of equations using transformations to change the system into a simpler equivalent system.
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Matrix Gauss-Jordan Method
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representation to determine the solutions to a system of linear equations. A rectangular array of
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This note was uploaded on 08/30/2011 for the course ECO 3401 taught by Professor Staff during the Spring '08 term at University of Central Florida.

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Exam1 - Flashcards - The flashcards are formatted for...

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