Terms : Hide Images
| 168457117 | optimal decision-making | MB=MC | 0 | |
| 168457118 | Opportunity cost from a PPC | Good X: slope of PPC Good Y: Inverse slope of PPC | 1 | |
| 168457119 | Market Equilibrium | Qd=Qs | 2 | |
| 168457120 | Surplus | Qs-Qd | 3 | |
| 168457121 | Total Welfare | Consumer surplus+Producer surplus | 4 | |
| 168457122 | Price elasticity of demand | Ed=(%∆ in quantity demanded of good X)(%∆ in price of good X) | 5 | |
| 168457123 | Percentage change | %∆=100 x (new value-old value)/old value | 6 | |
| 168457124 | Total revenue | price x quantity demanded | 7 | |
| 168457125 | Income elasticity | E1=(%∆ Qd good X)/(%∆ income) | 8 | |
| 168457126 | Cross-price elasticity | Ex,y=(%∆ Qd good X)/(%∆ price good Y) | 9 | |
| 168457127 | Price Elasticity of Supply | Es=(%∆ in quantity supplied of good X)/(%∆ in the price of good X) | 10 | |
| 169037175 | Marginal Utility | MU=∆TU/∆Q | 11 | |
| 169037176 | Utility Maximizing Rule | MUx/Px=MUy/Py | 12 | |
| 169037177 | Accounting Profit | TR-explicit costs | 13 | |
| 169037178 | Economic Profit | TR-explicit costs-implicit costs | 14 | |
| 169037179 | Marginal Product of Labor | MP=∆ in TP/∆ in labor | 15 | |
| 169037180 | Average Product of Labor | AP=TP/L | 16 | |
| 169037181 | Total Costs | TC=TVC+TFC | 17 | |
| 169037182 | Marginal Costs | MC=∆TVC/∆Q | 18 | |
| 169037183 | Average Fixed Cost | AFC=TFC/Q | 19 | |
| 169044692 | Average Variable Cost | AVC=TVC/Q | 20 | |
| 169044693 | Average Total Cost | ATC=TC/Q=AFC+AVC | 21 | |
| 169044694 | Marginal Cost and Marginal Product of Labor | MC=w/MP | 22 | |
| 169044695 | Average Variable Cost and Average Product of Labor | AVC=w/AP | 23 | |
| 169044696 | Profit Maximization Point | MB=MC or MR=MC | 24 | |
| 169044697 | Demand for Firm's Product (Perfectly Competitive Market) | MR=D=AR=P | 25 | |
| 169044698 | Profit | TR-TC | 26 | |
| 169044699 | Break-Even Point | P=ATC | 27 | |
| 169044700 | Shutdown Point | P| 28 | | |
| 169044701 | Allocative Efficiency | Product output q where P=MR=MC | 29 | |
| 169044702 | Excess Capcity in Monopolistic Competition | Qatc-Qmc | 30 | |
| 169044703 | Perfectly Competitive Long-Run Equilibrium | MR=D=AR=P=MC=ATC | 31 | |
| 169044704 | Monopoly Long-Run Equilibrium | Pm>MR=MC | 32 | |
| 169044705 | Marginal Revenue Product | ∆TR/∆ # of Resources | 33 |
