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ECON lecture 16 notecards

  1. Short Run
    the time span over which a firm must incur (become subject to) it's Total Fixed Costs
  2. Long Run
    The time span over which all costs are Total Variable Costs
  3. Total cost equals TFC plus TVC
  4. Marginal Cost
    the change in total cost that results from a one-unit increase in total product
  5. AFC falls as output increases
  6. Marginal costs equals what when average cost is at its minimum?
    average cost
Author
jo73
ID
301993
Card Set
ECON lecture 16 notecards
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