ECON 203 Lecture 13: Chapter 13
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Department
Economics
Course
ECON 203
Professor
Laura Razzolini
Semester
Winter

Description
Chapter 13 Costs of Production Monday, March 13, 2017 8:57 AM Explicit costs: require monetary payment. Like paying employees Implicit costs ot money. Opportunity cost of time Accounting profit: revenue explicit costs Economic profit: revenue ALL COSTS (implicit and explicit) Accounting profit ignores implicit costs, so its higher than economic profit. Production function: relationship between quantity of inputs and quantity of outputs. Represented by a table, equation, or graph. Marginal product: the additional output arising from an additional input. Marginal Product of Labor: MPL Diminishing marginal product: The product of an input declines as the quantity of the input increases. Marginal cost: increase in total cost from producing one more unit Fixed costs: dont vary with the quantity produced Variable costs: ary with quantity produced. Total cost= FC+VC Average Total Cost (ATC): total cost divided by quantity of output
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