Economics: Chap. 13

The Costs of Production

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total revenue

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

amount a firm receives for the sale of its output

total cost

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

market value of the inputs a firm uses in production

profit

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

total revenue - (minus) total cost

explicit costs

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

input costs that require an outlay of money by the firm

implicit costs

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

input costs that do not require an outlay of money by the firm

economic profit

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

total revenue - (minus) total cost (including both explicit and implicit costs)

accounting profit

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

total revenue - (minus) explicit cost

production function

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

the relationship between quantity of inputs used to make a good and the quantity of output of that good

marginal product

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

the increase in output that arises from an additional unit of input

diminishing marginal product

Tastatur-Befehle:

= drehen,

= vor-/rückwärts,

= scrollen

the property whereby the marginal product of an input inclines as the quantity of the input increases

fixed costs

costs that do not vary with the quantity of output produced (e.g. rent)

variable costs

costs that vary with the quantity of output produced

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