WACHusett Regional H.S. ECONomics
"Inflating students' economic utility for the long-run!"
Microeconomics - Unit 5 - Theory of the Firm
MICRO UNIT 5 KEY STUDY GUIDE TERMS & CONCEPTS
Production Function
Total Product
Total Product Curve
Marginal Product
Marginal Product Curve
Average Product
Total Revenue
Marginal Revenue
Average Revenue
Marginal Revenue Product of Labor
Sunk Costs
Fixed Costs
Variable Costs
short run vs. long run
Total Cost
Average Total Cost
Average Variable Cost
Marginal Cost
Law of Increasing Marginal Costs
Law of Diminishing Marginal Returns
Economies of Scale
Diseconomies of scale
explicit and implicit costs
positive economic profits
negative economic profits
firm shutdown rule
accounting profits
Total Profit
Profit maximization rule
perfect competition (competitive markets)
price takers
barriers to entry
Graphing Competitive Market conditions
MR DARP
SR industry supply curve
productive efficiency
allocatively efficient level of output
long run equilibrium in Perf. Comp.
POWERPOINTS & NOTES
ASSIGNED VIDEOS
Production, Inputs and Costs notes
Krugman / Wells ppt. - Input & Costs
Krugman / Wells ppt. - Perfect Competition
(Handouts from Class):
Relationship Between TP, MP, AP Handout
Market Structures Comparison Chart
ACDC Econ Videos:
3.8 Per. Comp. in the Short Run
3.9 Maximizing Profit Practice
3.10 Perfect Competition in the Long Run
MJMFoodie VIDEOS
CRASH COURSE VIDEOS
Revenue, Profits and Price - Episode #24
Welker's Economic Classroom Videos
Law of DMU in a Toy Truck Factory
Factors that Can Shift a Firm's Short Run Costs
UNIT CONCEPTS IN MEDIA
ASSIGNED WORK
EXTRA HELP RESOURCES
ACDC Econ Videos