Basic ecomonic terminology. Искренко Э.В - 35 стр.

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                 COST OF PRODUCTION

      1.Production function — atechnological relationshi p expressing
the maximum quantity of a good attainable from different combinations
of factor inputs.
      2. Technical efficiency — maximum output of a good from the
resources used in production.
      3. Short-run — the period in which the quantity and quality of
some inputs cannot be changed.
      4. Marginal physical product (MPP) — the change in total
output associated with one additional unit of input.
      5. Total cost — the market value of all resources used to produce
a good or service.
      6. Fixed costs — costs of production that do not change when
the rate of output is altered.
      7. Variable costs — costs of production that change when the
rate of output is altered.
      8. Economic cost — the value of all resources used to produce
a good or service.
      9. Long-run — a period of time long enough for all inputs to
be varied.
      10. Economic profit — the difference between total revenues
and total economic costs.
      11. Normal profit — the opportunity cost of capital; the average
rate of return.
      12. Marginal cost pricing — the offer (supply) of goods at
prices equal to their marginal cost.
      13. Price discrimination — the sale of an identical good at
different prices to different consumers by a single seller.
      14. Average fixed cost (AFC) — cost determined by dividing
total fixed cost by the number of units of output.
      15. Average product — total output divided by the number of
labourers required to produce that output.
      16. Average revenue — total revenue divided by the number of
units sold.
      17. Average total cost (ATC) — cost determined by dividing
total cost by the number of units of output.


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