Chapter 7(4) Flashcards by Casper Lopez | Brainscape

Q

What is economic profit

A

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Q

A

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Q

What is variable cost?

A

cost that increases as output increases

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Q

what is fixed cost?

A

the cost of doing business

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Q

How to find Total cost

A

Variable cost + Fixed cost

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Q

How to find Marginal cost

A

ΔTc/q

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