question
derivative
answer
- the instantaneous rate of change of a function with respects to one of its variables
- rate of change of one quantity with respects to another
- slope of the tangent line to the function at a point
- rate of change of one quantity with respects to another
- slope of the tangent line to the function at a point
question
tangent line
answer
represents the instantaneous rate of change of the function at one point
question
marginal revenue
answer
the additional income from selling one more unit of a good; sometimes equal to price
question
marginal cost
answer
- the increase in total cost that arises from an extra unit of production
- change in cost divided by change in quantity
- change in cost divided by change in quantity
question
marginal profit
answer
the addition to total profit resulting from one more unit of output
question
average revenue
answer
- revenue that is earned per unit of output
- total revenue divided by the output (quantity sold)
- total revenue divided by the output (quantity sold)
question
average cost
answer
the total cost divided by the quantity produced
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average profit
answer
profit divided by the quantity of output produced; profit margin
question
Elasticity
answer
- the responsiveness of an economic variable to changes of another economic variable
- ratio of percent change in Y to percent change in X
- ratio of percent change in Y to percent change in X
question
e>1
answer
elastic (demand sensitive to price change)
question
e=1
answer
unit elasticity
question
e<1
answer
inelastic (demand not sensitive to price change)
question
Critical Number
answer
the inflection points on a graph
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