question
variable cost equation
answer
W x L (wage times labor)
question
Marginal ---- and marginal ----- are inversely related
answer
product of labor and cost
question
average variable cost equations
answer
VC/Q or W/APL (variable cost over quantity or wage over average productivity)
question
average total cost equations
answer
AVC + AFC or TC/Q (fixed cost plus variable cost or total cost over quantity)
question
If MC > AVC
answer
AVC increases
question
If MC < AVC
answer
AVC decreases
question
If MC = AVC
answer
AVC doesn't change
question
equation for MC
answer
change in TC/change in Q
question
production function
answer
max output given level of input and current tech
question
equation for AFC (average fixed cost)
answer
FC/Q (fixed costs divided by quantity)
question
average ---- and average ----- are inversely related
answer
variable cost, productivity/product of labor
question
ATC and AVC get ---- at large quantities
answer
closer
question
in the long run, VC =
answer
TC (total cost bc u can change anything)
question
In the long run, FC =
answer
0
question
in economies of scale, ----- falls as Q rises
answer
LRATC
question
in diseconomies of scale, ----- rises as Q rises
answer
LRATC
question
efficient scale
answer
bottom of the LRATC curve - the smallest LRATC is ever gonna be
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