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Economics Lecture Seven (view source)

Revision as of 02:43, October 17, 2009

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→‎Review: cost measures
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Immediately everyone else, including those who had mercilessly mocked him, began praising and imitating his style.  To this day it is known as the "Fosbury Flop."<ref>http://www.usatf.org/halloffame/TF/showBio.asp?HOFIDs=57</ref>
 
Immediately everyone else, including those who had mercilessly mocked him, began praising and imitating his style.  To this day it is known as the "Fosbury Flop."<ref>http://www.usatf.org/halloffame/TF/showBio.asp?HOFIDs=57</ref>
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== Review ==
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== Review: Cost Measures ==
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Let's pause for a moment and review some concepts from the last class.  Imagine you are the owner of a firm.  You want to understand all your costs.  There are seven basic types of costs for a firm, also known as "cost measures:
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* marginal cost
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* total cost
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* average total cost
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* fixed cost (or total fixed cost)
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* average fixed cost
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* variable cost (or total variable cost)
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* average variable cost
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The '''''average''''' of a type of cost is simply the '''''total''''' of that cost divided by the output produced, also known as "Q".
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Hence:
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:ATC = TC / Q, where ATC is the abbreviation for "average total cost," and TC is the abbreviation for "total cost."
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== More ==
    
<Rule Against Perpetuities>
 
<Rule Against Perpetuities>
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