A level Economics (Unit 3) Karteikarten am Revenues, costs and profits, erstellt von Sophie Knight am 27/02/2017.
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Erstellt von Sophie Knight
vor mehr als 7 Jahre
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Schließen
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Erstellt von Sophie Knight
vor mehr als 7 Jahre
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How is Marginal Revenue Calculated?
What will the total, marginal and average revenue curves look like when price is constant?
What is the difference between short run, long run and very long run production?
What is the law of diminishing returns?
What are constant returns to scale?
What is total product?
What is a fixed (indirect or overhead) cost?
What is the condition for revenue maximisation?
Draw the Total Product curve
Draw the AP and MP curves
What is the economic cost of depreciation?
What is a variable cost?
Give an example of a semi-variable cost that a firm may face
Draw the TC, TFC and TVC curves
How could the position of the TFC curve be described?
What are the 2 qualities of the Marginal Cost curve?
Draw the AFC, ATC, AVC and MC curves on the same set of axis
How are economies and diseconomies shown on a diagram?
What is the minimum efficient scale of production?
Name 4 sources of economies of scale
What are the 2 main causes of diseconomies of scale?
Give 4 reasons for a shift in the LRAC curve
What are 3 ways of avoiding diseconomies of scale?
What is supernormal profit?
How could maximum profit level be shown with TR and TC curves?
What are the 5 functions of profit?
What are 3 Microeconomic effects of falling profits?
What are 4 Macroeconomic effects of falling profits?
