Market Analysis (production, Costs And Profit Maximization) an der Fontys University Of Applied Sciences | Karteikarten & Zusammenfassungen

Lernmaterialien für Market analysis (production, costs and profit maximization) an der Fontys University of Applied Sciences

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TESTE DEIN WISSEN
What are the costs of production?
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Land, Labor and Capital
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TESTE DEIN WISSEN
What is total cost?


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TESTE DEIN WISSEN
The market value of the inputs that a firm uses in production:

-payment of suppliers 
-payment for the factors of production
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What is total revenue?


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TESTE DEIN WISSEN
The price of the good times the quantity of the good sold

(TR)=P×Q

profit=total revenue-total costs
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TESTE DEIN WISSEN
What are Opportunity costs?
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TESTE DEIN WISSEN
The cost of something is what you give up to get it
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What are explicit costs?
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TESTE DEIN WISSEN
The input costs that the firm need to buy
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What are implicit costs?
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Costs that do not require an outlay of money by the firm
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What is production function?
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TESTE DEIN WISSEN
It shows the amount of output which can be produced given different combinations of factor inputs

-Labour intensive industries rely on large amounts of labour relative to the other factors
-Capital intensive industries rely on large amounts of capital relative to other factors
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What is the marginal product?
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The increase in the quantity of output obtained from one additional unit of an input
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What is a diminishing marginal product?

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TESTE DEIN WISSEN
The propert whereby the marginal product of an input declines as the quantity of the input increases
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TESTE DEIN WISSEN
What are short run costs?
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TESTE DEIN WISSEN
Some factors of production that cannot be changed (fixed costs)
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What are long run factors?
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TESTE DEIN WISSEN
All factors can be altered (variable costs)
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TESTE DEIN WISSEN
What is the average total cost?
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TESTE DEIN WISSEN
The total cost divided by the quantity of output
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Beispielhafte Karteikarten für deinen Market analysis (production, costs and profit maximization) Kurs an der Fontys University of Applied Sciences - von Kommilitonen auf StudySmarter erstellt!

Q:
What are the costs of production?
A:
Land, Labor and Capital
Q:
What is total cost?


A:
The market value of the inputs that a firm uses in production:

-payment of suppliers 
-payment for the factors of production
Q:
What is total revenue?


A:
The price of the good times the quantity of the good sold

(TR)=P×Q

profit=total revenue-total costs
Q:
What are Opportunity costs?
A:
The cost of something is what you give up to get it
Q:
What are explicit costs?
A:
The input costs that the firm need to buy
Mehr Karteikarten anzeigen
Q:
What are implicit costs?
A:
Costs that do not require an outlay of money by the firm
Q:
What is production function?
A:
It shows the amount of output which can be produced given different combinations of factor inputs

-Labour intensive industries rely on large amounts of labour relative to the other factors
-Capital intensive industries rely on large amounts of capital relative to other factors
Q:
What is the marginal product?
A:
The increase in the quantity of output obtained from one additional unit of an input
Q:
What is a diminishing marginal product?

A:
The propert whereby the marginal product of an input declines as the quantity of the input increases
Q:
What are short run costs?
A:
Some factors of production that cannot be changed (fixed costs)
Q:
What are long run factors?
A:
All factors can be altered (variable costs)
Q:
What is the average total cost?
A:
The total cost divided by the quantity of output
Market analysis (production, costs and profit maximization)

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