Flashcard Set: Microeconomics 1311, Dickson Carr, SMU
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Profit Total Revenue Explicit Costs Implicit Cost Accounting Profit Economic Profit Normal Profit Business Firm Managerial Coordination and Business ... Shirking Solution: Monitor Residual Claimants Fixed Input Variable Input Short Run Long Run Marginal Physical Product ( MPP) Law of Diminishing Marginal Returns Fixed Costs (FC) Variable Cost (VC) Total Cost (TC) Marginal Cost (MC) Average Fixed Cost ( AFC) Average Variable Cost ( AVC) Average Total Cost ( ATC), or Unit Co... null Average Marginal Rule Sunk Cost Long-Run Average Total Cost ( LRATC) ... Economies of Scale Constant Returns to Scale Diseconomies of Scale A firm's cost curves will shift if th... Derived Demand Market Structure The Theory of Perfect Competition
Profit Total Revenue Explicit Costs Implicit Cost Accounting Profit Economic Profit Normal Profit Business Firm Managerial Coordination and Business ... Shirking Solution: Monitor Residual Claimants Fixed Input Variable Input Short Run Long Run Marginal Physical Product ( MPP) Law of Diminishing Marginal Returns Fixed Costs (FC) Variable Cost (VC) Total Cost (TC) Marginal Cost (MC) Average Fixed Cost ( AFC) Average Variable Cost ( AVC) Average Total Cost ( ATC), or Unit Co... null Average Marginal Rule Sunk Cost Long-Run Average Total Cost ( LRATC) ... Economies of Scale Constant Returns to Scale Diseconomies of Scale A firm's cost curves will shift if th... Derived Demand Market Structure The Theory of Perfect Competition
