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micro definitions.docx

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Department
Economics
Course
ECO1104
Professor
A L L
Semester
Fall

Description
Accouting ProfitTotal Revenue TR minus total explicit costTEC pg 272 Average fixed cost fixed costs divided by the quantity of output pg 278 AFC FCQ Average total cost total cost didivedby the quantity of outputTQ ATC Average variable costs variable costs divided by the quantity of outputAVCVCQConstant returns to scale the property where by longrun ATCcost stays the same as quantity of output changes Pg 284 Diminishing marginal product the property where by the marginal product of an input declinese as the quantity of the input increases pg 275396 MPDiseconomies of scale the property whereby the long run ATC rises as quantity
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