question
Profit
answer
TR-TC
question
TR
answer
P x Q
question
TC
answer
FC + VC
question
MC
answer
change in TC/change in Q
question
Average Cost
answer
Cost / Q
question
Accounting Costs
answer
explicit costs
question
Economic Costs
answer
explicit costs + implicit costs
question
Accounting Revenue
answer
total revenue - explicit costs
question
Economic Revenue
answer
total revenue - total costs
question
Marginal Product (MP)
answer
change in tp/change in Q
question
All inputs are increased
answer
Returns to scale
question
Some inputs are increased
answer
Marginal Returns
question
price elasticity of demand
answer
^Q/^P
question
Inelastic
answer
<1
question
Elastic
answer
>1
question
midpoint formula
answer
(Q2-Q1)/[(P2+P1)/2] / (Q2-Q1)/[(Q2+Q1)/2]
question
income elasticity of demand
answer
^QDemanded/^Income
question
cross-price elasticity of demand
answer
^Q(Product1)/^P(Product2)
question
price elasticity of supply
answer
^Qsupplied/^P
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