Microecon Terms III midterm study guide

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DescriptionTerm/Concept
The measure of responsiveness of quantity demanded to a change in price
When the quantity demanded is greater than the percentage change in price (elasticity of demand > 1)
When the quantity demanded is less than the percentage change in price (elasticity of demand < 1)
Demand with a price elasticity equal to 1; the percentage change in quantity demanded is equal to the percentage change in price
The amount sellers receive for a good or service, calculated as the product price times the quantity sold
The measure of the impact that a price change of one good will have on the quantity demanded of another good at a given price
The measure of the responsiveness of the quantity demanded of a good to a change in consumer's income
The measure of the sensitivity of the quantity supplied to changes in price of a good
the opportunity costs of production that require a monetary payment
the opportunity costs of production that do not require a monetary payment
The difference between total revenues and total costs
Total revenues minus total explicit costs
Total revenues minus explicit and implicit costs
Costs that have been incurred and cannot be recovered
A period of time too brief for some production inputs to be varied
DescriptionTerm/Concept
A period over which all production inputs are variable
The relationship between the quantity of inputs and the quantity of outputs
The total output of a good produced by the firm
The change in total output of a good that results from a one-unit change in input
As a variable input increases, with other inputs fixed, a point will be reached where the additions to output will eventually decline
Costs that do not vary with the level of output
The sum of the firm's fixed costs
Costs that vary with the level of output
The sum of the firm's variable costs
The sum of the firm's total fixed costs and total variable costs
A per-unit cost of operation; total cost divided by output
A per-unit measure of fixed costs; fixed costs divided by output
A per-unit measure of variable costs; variable costs divided by output
The change in total costs resulting from a one-unit change in output

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