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Ag Micro Econ
Dauve
66
Economics
Undergraduate 1
12/14/2010
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Term
profit
 Definition
ar>atc
Term
equilibrium
 Definition
qs=qd
Term
marginal product
 Definition
additional output form using more input
Term
decision rule
 Definition
consumer equilibrium
Term
deadweight loss
 Definition
loss in consumer and producer surplus
Term
profit maximization
 Definition
goal of the firm
Term
marginal cost
 Definition
cost of the last unit produced
Term
demand
 Definition
willingness and ability to buy
Term
inputs
 Definition
used to produce output
Term
externality
 Definition
impact on others outside market
Term
opportunity cost
 Definition
forgone alternative(s)
Term
utility
 Definition

benefits, satisfaction, value to me

 
Term
margin
 Definition
the edge where the change occurs
Term
public good
 Definition
non-rival, non-excludable
Term
comparitive advantage
 Definition
lowest opportunity cost
Term
profit maximization output
 Definition
mr=mc
Term
atc
 Definition
afc+avc
Term
common resources
 Definition
usually available to everyone
Term
oligopoly
 Definition
relatively few interdependent sellers
Term
economies of scale
 Definition
cost reduction as firms get bigger
Term
social cost
 Definition
include private costs and externalities
Term
short run
 Definition
one production period
Term
monopoly
 Definition
one firm in the market
Term
complement
 Definition
consumed with another good
Term
production possibilties
 Definition
what can be producedd
Term
comsumer surplus
 Definition
net benefit to buyers
Term
marginal
 Definition
additional
Term
demand
 Definition
based on utility
Term
complements
 Definition
goods consumed jointly
Term
qs
 Definition
amount for sale at a particular price
Term
opportunity cost
 Definition
what was given up
Term
long run
 Definition
multiple production periods
Term
normal profit
 Definition
minimum return to keep investment
Term
export
 Definition
selling to another country or region
Term
utlity
 Definition
value or benefit
Term
econimies of scale
 Definition
cost reduction from getting bigger
Term
diminshing returns
 Definition
declining marginal output
Term
marginal cost
 Definition
cost of an additional unit
Term
productivity
 Definition
output per input
Term
scarcity
 Definition
available relative to want
Term
own price elasticity
 Definition
responsiveness to q to change in p of good
Term
market
 Definition
where goods are exchanged
Term
price
 Definition
average revenue or cost
Term
comparitive advantage
 Definition
lowest opportunity cost
Term
producer surplus
 Definition
net benefit of sellers
Term
production possibilties
 Definition
potential output of one or more goods
Term
property rights
 Definition
rights of ownership
Term
price floor
 Definition
government set minimum price
Term
monopolitic competition
 Definition
lots of firms
Term
variable costs
 Definition
sum of marginal costs
Term
sustitutes
 Definition
replacements
Term
inferior good
 Definition
buy because of lack of income
Term
dimnishing returns
 Definition
input yield reduction
Term
profit
 Definition
attracts resources
Term
opportunity cost
 Definition
what you gave up
Term
price
 Definition
measure of value
Term
profit maximization
 Definition
firms goal
Term
revenue maximization
 Definition
mr=0
Term
public good
 Definition
cant exclude me from others
Term
externality
 Definition
side effect or unanticipated result
Term
long run
 Definition
nothing's fixed
Term
utlity
 Definition
value or benefit
Term
decision rule
 Definition
consumer equilibrium
Term
free rider
 Definition
benefits without paying costs
Term
productivity
 Definition
output produced per input
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