Economic Concepts Flashcards
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
Marcelle Huber
FREE Resource
Student preview
28 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Measures how much extra output is produced when one more worker is added.
Back
MPL (Marginal Product of Labor)
Formula: ΔQ/ΔL OR ΔOutput/ΔL OR ΔTP/ΔL
2.
FLASHCARD QUESTION
Front
Calculates how much output, on average, is made by each worker.
Back
APL (Average Product of Labor)
Formula: Q/L OR Output/L OR TP/L
3.
FLASHCARD QUESTION
Front
The sum of fixed and variable costs.
Back
TC (Total Cost)
Formula: FC + VC
4.
FLASHCARD QUESTION
Front
The additional cost of making one more unit of output.
Back
MC (Marginal Cost)
Formula: ΔTC/ΔQ
5.
FLASHCARD QUESTION
Front
The total cost divided by the quantity of output produced.
Back
ATC (Average Total Cost)
Formula: TC/Q
6.
FLASHCARD QUESTION
Front
The variable cost divided by the quantity of output produced.
Back
AVC (Average Variable Cost)
Formula: VC/Q
7.
FLASHCARD QUESTION
Front
The fixed cost divided by the quantity of output produced.
Back
AFC (Average Fixed Cost)
Formula: FC/Q
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