AP Microeconomics Section 10 Review Project by Amogh Balineni https://padlet.com/amoghbal6135/q0pmn17dwykk en-us 2019-02-14 15:25:00 UTC 2019-02-14 15:40:21 UTC hello@padlet.com Total cost amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331340354 A given quantity of output is the sum of the fixed cost and the variable cost of producing that quantity of output.]]> 2019-02-14 15:29:03 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331340354 Variable cost amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331340556 It is a cost that depends on the quantity of output produced. It is the cost of the variable input.]]> 2019-02-14 15:29:22 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331340556 Fixed cost amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331342472 A cost that doesn't depend on the quantity of output produced. It is the cost of the fixed input.]]> 2019-02-14 15:32:16 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331342472 Total cost curve amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331342702 It shows how total cost depends on the quantity of output.]]> 2019-02-14 15:32:40 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331342702 Average total cost amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331344295 Referred to simply as average cost, it is the total cost divided by quantity of output produced.]]> 2019-02-14 15:35:14 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331344295 Average fixed cost amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331344533 It is the fixed cost per unit of output.]]> 2019-02-14 15:35:33 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331344533 Average variable cost amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331344937 It is the variable cost per unit of output.]]> 2019-02-14 15:36:09 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331344937 Economies of scale amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331345732 When long-run average total cost declines as output increases.]]> 2019-02-14 15:37:22 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331345732 Market share amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331346066 The fraction of the total industry output accounted for by that firm's output.]]> 2019-02-14 15:37:55 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331346066 Explicit cost amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331346484 A cost that involves actually laying out money.]]> 2019-02-14 15:38:33 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331346484 Implicit cost amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331346675 It does not require an outlay of money; it is measured by the value, in dollar terms, of benefits that are forgone.]]> 2019-02-14 15:38:50 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331346675 Cost Curves amoghbal6135 https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331347478 2019-02-14 15:40:09 UTC https://padlet.com/amoghbal6135/q0pmn17dwykk/wish/331347478