question
Profit
answer
Total Revenue - Total Cost
question
Explicit Costs
answer
Input costs that require an outlay of money
question
Implicit Costs
answer
Input costs that do not require an outlay of money
question
Accounting Profit
answer
Total revenue - total explicit cost
question
Economic Profit
answer
Total revenue - total explicit costs and total implicit costs (opportunity costs)
question
Production Funciton
answer
The relationship between the quantity of inputs (y axis) and the quantity of outputs (x axis)
question
Total Cost Curve
answer
Measures total cost over the quantity output.
question
Marginal Product
answer
Increase in output that arises from an additional unit of input.
question
AFC
answer
Average Fixed Cost
question
AVC
answer
Average Variable Cost
question
ATC
answer
Average Total Cost
question
MC
answer
Marginal Cost
question
Marginal Cost
answer
= ΔTC/ΔQ
question
Average Total Cost
answer
= TC/Q
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