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Card 16
Front
the size of firm capable of producing at the lowest average cost and thus being productively efficient
Back
Card 17
Front
the lowest output at which the firm is able to produce at the minimum achievable LRAC
Back
Card 18
Front
changes in long-run average costs of production resulting from changes in the size or scale of a firm or plant
Back
Card 19
Front
a fall in long-run average costs of production resulting from the growth of the market or industry of which the firm is a part
Back
Card 20
Front
an increase in long-run average costs of production resulting from the growth of the market or industry of which the firm is a part
Back
Card 21
Front
addition to total cost resulting from producing one additional unit of output
Back
Card 22
Front
total cost of employing the fixed factors of production to produce a particular level of output, divided by the size of output AFC = TFC/Q
Back
Card 23
Front
total cost of employing the variable factors of [roduction to produce a particular level of output, divided by the size of output AVC=TVC/Q
Back
Card 24
Front
total cost of producing a particular level of output, divided by the size of output ATC=AFC+AVC
Back
Card 25
Front
additional to total cost resulting from producing one additional unit of output when all the factors of production are variable
Back
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