Econ 102

  1. What is Fixed cost?
    Varible cost minus Total cost .
  2. what is on additional unit of output called?
    Marginal cost
  3. how do you find total output?
    Add marginal product of labor together to get output per worker.
  4. Efficient scale of the firm is the quantity of output that?
    Minimizes average total cost.
  5. How do you find Average fixed cost?
    Fixed cost divided by Quantitiy.
  6. How do you find Average Variable cost?
    Varible cost divided by Quantity
  7. How do you find the Average total cost?
    Total cost divided by Quantitiy
  8. Profit is what?
    Total revenue - Total Cost
  9. What is the profit- maximizing monopolist?
    P> MR=MC
  10. What is the profit mximizing for a competitive firm?
    P = MR = MC
  11. Monopolist average revenue is always
    AR= P but P > MR
  12. How do you get Marginal Revenue?
    Change in Total Revenue divided by change in Quantity.
  13. How do you calculate monopolists profit?
    (Price-Average Total Cost)* Quantity
  14. What is economic scale of retail sales?
    When store like wal-mart put local stores out of business.
  15. If Marginal cost exceeds marginal revenue then.
    firm may still be earing a positive accounting profit.
  16. To get the Variable cost you can add what together?
    Marginal Cost, to the output desired.
Card Set
Econ 102