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Economics Lecture Eight (view source)

Revision as of 16:32, October 28, 2009

20 bytes removed ,  16:32, October 28, 2009
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*'''variable costs''' (VC) (costs that do vary directly with output.  Examples: fuel, labor)
 
*'''variable costs''' (VC) (costs that do vary directly with output.  Examples: fuel, labor)
 
*'''marginal benefit''' of a firm’s output decision for producing one more Q: marginal benefit is P (price it is sold at)
 
*'''marginal benefit''' of a firm’s output decision for producing one more Q: marginal benefit is P (price it is sold at)
−
*stated another way: '''point at which firms sell their goods (where MR=MC)'''
+
*'''point at which firms sell their goods (where MR=MC)'''
 
*'''utility'''
 
*'''utility'''
 
*'''net benefits''' (excess of benefits over costs, as in the consumer surplus)
 
*'''net benefits''' (excess of benefits over costs, as in the consumer surplus)
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