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Manec 300 BYU - Exam 2
Manec 300 BYU - Exam 2
16
Business
Undergraduate 3
03/19/2012
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Term
Average Variable Cost
 Definition
AVCmin + (Qmin-Q)2/S
Term
Average Fixed Costs
 Definition
((Plant Cost / Plant Life)+(Equip Cost / Equip Life))/12/Q
Term
Average Total Cost
 Definition
AVC + AFC
Term
Total Variable Cost
 Definition
AVC X Q
Term
Total Fixed Cost
 Definition
AFC X Q
Term
Total Cost
 Definition
TVC + TFC
Term
Marginal Cost
 Definition
DELTA(TC) / DELTA(Q)
Term
Average Economic Rent
 Definition
Yearly Economic Rent / (12*Q)
Term
Average Economic Cost
 Definition
ATC + AER
Term
Total Economic Cost
 Definition
Q * AEC
Term
Firm Price
 Definition
Intercept - Slope*Q
Term
Firm Total Revenue
 Definition
Firm Price * Q
Term
Firm Contribution Margin
 Definition
Firm Price - AVC
Term
Yearly Economic Rent
 Definition
Total Investment * Required Rate of Return (20% for instance)
Term
How to find the number of boat makers
 Definition
Cost of Boat / Going Wage
Term
Two Ways to Find GDP
 Definition
Income Approach = #ofFishers X Wage + #ofBoatmakers X Wage + MonopolistRent

Productivity Approach = Total Product (total # of fish caught) X # of boats
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