Chapter 13

the amount a firm receives for the sale of its output

the market value of the inputs a firm uses in production

total revenue minus total cost

input costs that require an outlay of money by the firm

input costs that do not require an outlay of money by the firm

total revenue minus total cost, including both explicit and implicit costs

total revenue minus total explicit cost

the relationship between quantity of inputs used to make a good and the quantity of output of that good

the increase in output that arises from an additional unit of input

the property whereby the marginal product of an input declines as the quantity of the input increases

costs that do not vary with the quantity of output produced

costs that do vary with the quantity of output produced

total cost divided by the quantity of output

fixed costs divided by the quantity of output

variable costs divided by the quantity of output

the increase in total cost that arises from an extra unit of production

the quantity of output that minimizes average total cost

the property whereby long-run average total cost falls as the quantity of output increases

the property whereby long-run average total cost rises as the quantity of output increases

the property whereby long-run average total cost stays the same as the quantity of output changes