3.3- r.r Calc gr 12 Flashcards
1
Q
cost
A
total cost of producing units
2
Q
marginal cost
A
derivative of cost.
the change in cost of producing one more unit
3
Q
revenue
A
total revenue from the sale of x units
= price per unit (demand function) times x
4
Q
marginal revenue
A
derivative of revenue
change in revenue from selling one more unit
5
Q
profit
A
total profit from the sale of x units
6
Q
profit using other terms
A
revenue- cost
7
Q
marginal profit
A
derivative of the profit
change in profit from selling one more unit
8
Q
demand function
A
price per unit at a production level of x
9
Q
supply function
A
PRICE PER UNIT AT WHICH THE COMPANY IS WILLING TO SELL ITS PRODUCT OR SERVICE AT A PRODUCTION level of x units
10
Q
marginal supply function
A
derivative of the supply function.
