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Average Physical Product (APP)
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TPP divided by the number of units of a variable is the______.
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Marginal cost
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is defined as the change in total cost associated with one additional unit of output.
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Implicit cost
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is the value of an input that the firm or family business own or controls.
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Production function
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is the technical relationship between inputs and outputs, indicating the maximum amount of output that can be produced with alternative amounts of variable inputs used in combination with one or more fixed inputs under a given state of technology.
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Opportunity cost
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the using of a resource (an input) is the value of the contribution that resource could make in the highest price alternative.
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Economic profit
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is the total revenue of a firm less all its economic costs.
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Marginal physical product
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is the change in output resulting from one additional unit of a variable input
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Total fixed cost
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can be obtained by subtracting total revenue costs from total costs.
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Marginal revenue
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is defined as the change in revenue for each unit increase in output.
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Explicit cost
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are normal out-of-pocket expenses on the inputs purchased for use in producing a product
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