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eco > 4 > Flashcards

4 Flashcards

1
Q

fixed resources

A

resources that don’t change with the quantity produced

eg oven, sign, table

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2
Q

variable resources

A

resources that do change

eg workers, electricity, dough

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3
Q

short run

A

a period in which at least one resources are fixed

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4
Q

long run

A

all resources are variable

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5
Q

total physical product

A

total output or quantity produced

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6
Q

marginal product

A

the additional output generated by additional inputs(workers)

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7
Q

marginal product = (equation)

A

change in total product/

change in inputs

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8
Q

fixed costs

A

costs for fixed resources that dont change with the amount produced
eg rent insurance

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9
Q

variable costs

A

cost for variable resources that do change as more or less is produced
eg raw materials labor

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10
Q

total cost

A

fixed plus variable costs

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11
Q

marginal cost

A

additional costs of an additional output

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12
Q

if your fixed costs goes up what happens to the graph

A

afc and atc goes up

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13
Q

when variable costs goes up what happens to the graph

A

avc atc and mc goes up

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14
Q

accounting profit

A

accounting costs(explicit costs)-total revenue

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15
Q

economic profit

A

total revenue- economic costs( explicit and implicit costs)

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16
Q

perfect competition mr=

A

mc

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17
Q

perfect competition

A 
many small firms
identical product 
low barriers 
seller no need to advertise 
seller has no control over price
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18
Q

in a competitive firm mr=

A

d=average revenue = p

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19
Q

the shut down rule

A

when the price falls bellow avc then the firm should minimize its losses by shutting down

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20
Q

per unit

A

tax or subsidy is effects the variable costs so mc avc and atc will shift

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21
Q

lump sum

A

tax or subsidy only effects foxed costs so only afc and atc will shift mc will stay the same

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22
Q

in the long run…

A

firm will enter if the theres profit or leave if not

all firms break even they make no economic profit = normal profit

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23
Q

monopolies are inefficient because

A

charge a higher price
dont produce enough
produce at higher costs

24
Q

where is consumer surplus and producer surplus

A

cs is top triangle of demand and price ps is bottom triangle inside price and quantity and mc

25
Q

deadweight loss is

A

the top of the triangle of cs and ps where d and mc meet cut off by quantity

26
Q

natural monopoly

A

it is natural for one firm to produce because they can produce at the lowest cost

27
Q

economies of scale

A

bigger you are the cheaper it is to produce each unit

28
Q

socially optimal price

A

p=mc (allocating efficiency

29
Q

fair return price

A

p= atc (normal profit)

30
Q

price discrimination

A

selling the same products to different buyers at different prices
eg movie tickets (adult child)

31
Q

monopolistic competition

A 
relatively large number of sellers
differentiated products
some control over price 
easy entry and exit
a lot of non price competition (ads)
32
Q

oligopoly

A 
a few large producers
identical or differentiated products
high barrier to entry
control over price
mutual interdependence
33
Q

almorzar

A

to have lunch

34
Q

cerrar

A

to close

35
Q

comenzar

A

to begin

36
Q

conseguir

A

to get to obtain

37
Q

contar (o ue)

A

to count to tell

38
Q

decir e i

A

to say to tell

39
Q

dormir o ue

A

to sleep

40
Q

empezar e ie

A

to begin

41
Q

encontrar o ue

A

to find

42
Q

entender

A

to understand

43
Q

hacer

A

to do to make

44
Q

ir

A

to go

45
Q

jugar u ue

A

to play (a sport or game

46
Q

mostrar o ue

A

to show

47
Q

oír

A

to hear

48
Q

pedir e i

A

to ask for to request

49
Q

pensar e ie

A

to think

50
Q

pensar inf

A

to intend

51
Q

pensar en

A

to think about

52
Q

perder e ie

A

to lose to miss

53
Q

poder o ue

A

to be able to, can

54
Q

poner

A

to put to place

55
Q

preferir e ie

A

to prefer

56
Q

querer e ie

A

to want to love

eco (11 decks)

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