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econ test 2
colander ch79101112
24
Economics
Undergraduate 1
10/18/2009
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Term
ES=
 Definition
PS+CS
Term
AS D becomes more IEL, ES:
 Definition
increases
Term
CS=
 Definition
RP-AP
Term
PS=
 Definition
AP-AP
Term
DL = F(X) where X=
 Definition
size of tax, P El. of S, P El. of D
Term
GR=
 Definition
T*Qtr
Term
BP=
 Definition
SP+GT
Term
GT=
 Definition
BP-SP
Term
%TAXbuyer=
 Definition
[Ed / (Ed+Es)] * 100
Term
%TAXseller=
 Definition
[Es / (Ed+es)] * 100
Term
Profit=
 Definition
TR-TC
Term
TR=
 Definition
P*Q
Term
TC=
 Definition
FC(expl) + VC(impl)
Term
MR=
 Definition
changeTR / changeQ
Term
MC=
 Definition
changeTC / changeQ

where: changeTC always = VC
Term
E Profit=
 Definition
TR - ETC - ITC
Term
A Profit=
 Definition
TR - ETC

this = ITC
Term
N Profit =
 Definition
E Profit = 0
Term
ATC=
 Definition
TC / Q
Term
AFC=
 Definition
FC / Q
Term
AVC=
 Definition
VC / Q
Term
maximizing rule
 Definition
MR=MC
Term
If ATC > MC,
average ___ as profit ___
 Definition
decreases, increases
Term
If ATC < MC,
average ___ as production ___
 Definition
increases, increases
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