Exercises Flashcards by Abigail Good | Brainscape

Q

total revenue

A

P*Q

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Q

average revenue

A

TR/Q

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Q

marginal revenue

A

changeTR/changeQ

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Q

profit

A

TR-TC

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Q

ATC

A

TC/Q

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Q

marginal product

A

change output when add one unit input

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Q

marginal revenue

A

change output when add one unit output

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Q

marginal cost

A

changeTC/changeQ

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Q

MC=ATC

A

min. ATC

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Q

average revenue graph

A

PC = horizontal line
MONO = downwards sloping

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Q

marginal revenue graph

A

PC = horizontal = AR
MONO = downwards sloping, below AR

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Q

graphs showing PC profit and loss

A

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