Term
| Equation of Average Total Cost (aka SRATC) |
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Definition
(TFC+TVC)/Q = TC/Q
b-b1Q+b2Q^2 |
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Definition
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| What is the derivative of Total Revenue? |
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Definition
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Definition
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| how many total cost curves are there? |
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Definition
| 2; first order (b+b1Q-b2Q^2) and second order (b+b1Q-b2Q^2+b3Q^3) |
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Term
| Equations of Total Variable Cost |
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Definition
| first order (b+b1Q-b2Q^2) and second order (b+b1Q-b2Q^2+b3Q^3) |
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Term
| What is the Profit Equation? |
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Definition
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| What is the Price Equation? |
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Definition
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Term
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Definition
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Term
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Definition
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Term
| How do you find Marginal Revenue? |
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Definition
| Derive the Total Revenue equation |
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Term
| How do you find the Marginal Cost equation? |
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Definition
| derive the Total Cost curve |
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Term
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Definition
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Term
| What is the definition of Derivative? |
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Definition
| the slope of a line that is tangent to a given point on the curve |
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Term
| In pure competition, price equilibrium is called what? |
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Definition
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Term
| what is a homogenous market? |
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Definition
| commodity market (ie copper, metal, silver, sugar, coco) |
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Term
| what is the elasticity look like for a pure competition? |
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Definition
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Term
| what are the four markets? |
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Definition
| (1) Pure Competition; (2) Monopoly; (3) Oligopoly; (4) Monopolostic Competition |
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Term
| which market is the least elastic? |
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Definition
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