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Details Title: EB-18 Unit I Description: tc, profit, mr, mc, etc Total Flash Cards: 19 Created: 03/26/2007 13:14:35	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Equation of Average Total Cost (aka SRATC) Definition (TFC+TVC)/Q = TC/Q b-b1Q+b2Q^2 Term Equation: Total Revenue Definition P*Q = b+b1Q-b2Q^2 Term What is the derivative of Total Revenue? Definition Marginal Revenue Term TFC + TVC = ? Definition Total Cost Term how many total cost curves are there? Definition 2; first order (b+b1Q-b2Q^2) and second order (b+b1Q-b2Q^2+b3Q^3) Term Equations of Total Variable Cost Definition first order (b+b1Q-b2Q^2) and second order (b+b1Q-b2Q^2+b3Q^3) Term What is the Profit Equation? Definition TR-TC Term What is the Price Equation? Definition TR/Q Term How do you find Margin? Definition Price-SRATC = (TR-TC)/Q Term What is Margin/Price? Definition Gross Profit Margin Term How do you find Marginal Revenue? Definition Derive the Total Revenue equation Term How do you find the Marginal Cost equation? Definition derive the Total Cost curve Term What MR=MC? Definition Max Profit Term What is the definition of Derivative? Definition the slope of a line that is tangent to a given point on the curve Term In pure competition, price equilibrium is called what? Definition market clearing price Term what is a homogenous market? Definition commodity market (ie copper, metal, silver, sugar, coco) Term what is the elasticity look like for a pure competition? Definition perfectly elastic Term what are the four markets? Definition (1) Pure Competition; (2) Monopoly; (3) Oligopoly; (4) Monopolostic Competition Term which market is the least elastic? Definition Monopoly