Flashcards in Short-Run Costs 7.3-7 Hunter Parrott Deck (12):
What is MC?
Marginal Cost, the cost of producing an extra unit of output.
When MC is below ___, MC pulls the average down.
When MC is ______ AVC, MC is pushing the average up;
MC and AVC intersect at the ______ AVC.
If you flip the AVC and MC curves over, they become ___ and ___ curves.
Does AVC and MC curves mirror APL and MP curves?
What is MP(L)?
Extra output produced with and additional worker hired.
What is AP(L)?
Output produced per worker
when the next unit costs less than the average, it must be pulling the average ____.