Chapter_19_Glossary

Chapter_19_Glossary - Chapter 19 Glossary average total...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 19 Glossary average total cost (ATC) total costs divided by quantity of output average variable cost (AVC) total variable costs divided by quantity of output break-even analysis a method of determining what sales volume must be reached before total revenue equals total costs demand the quantity of a product that will be sold in the market at various prices for a specified period elastic demand a situation in which consumer demand is sensitive to changes in price elasticity of demand consumers’ responsiveness or sensitivity to changes in price extranet a private electronic network that links a company with its suppliers and customers fixed cost a cost that does not change as output is increased or decreased inelastic demand a situation in which an increase or a decrease in price will not significantly affect demand for the product keystoning the practice of marking up prices by 100 percent, or doubling the cost marginal cost (MC) the change in total costs associated with a one-unit change in output
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/12/2012 for the course MKT 3401 taught by Professor Jaber during the Spring '08 term at LSU.

Page1 / 2

Chapter_19_Glossary - Chapter 19 Glossary average total...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online