Quiz Flashcards
(7 cards)
1
Q
Total revenue
A
Company’s income from selling its products
P*Q
P- marginal revenue
Q- total product
2
Q
Profit
A
Maximizing output greatest amount of profit
3
Q
Fixed cost
A
Stays the same regardless of what is going on
4
Q
Variable cost
A
Changes with what is happening at work
5
Q
Total cost
A
Sum of fixed and variable cost
6
Q
Marginal cost
A
Cost of producing one more unit
7
Q
Marginal unit
A
Money made from the sale of each additional unit of output
