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L1 15 Demand and Supply Analysis: The Firm

This class was created by Brainscape user Steven Popovic. Visit their profile to learn more about the creator.

By: Steven Popovic
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Decks in this class (16)

Practice
Calculating accounting profit 1,
Calculating economic profit 2,
Calculating economic profit for a...
9  cards
A
Calculate, interpret and compare accounting profit, economy profit, normal profit, and economic rent **The ultimate goal of analyzing the different types of profit is to determine how their relationships to one another influence the firm’s market value of equity**
10  cards
B
Calculate and interpret and compare total, average, and marginal revenue
9  cards
C Describe a Firms Factors of Production
Factors of production 1,
Factors of production 2,
Factors of production 3
18  cards
D Calc and Interp total, average, marginal, fixed, and variable costs
Total cost 1,
Total cost 2,
Total fixed cost 3
21  cards
E Determine and Describe Breakeven and Shutdown Points of Production
Short run 1,
Long run 2,
Shutdown and breakeven points und...
5  cards
F Describe approaches to determining the profit-max level of output
Perfect of imperfect competitors ...,
Profit max under perfect comp 2,
Profit max under imperfect comp d...
3  cards
15 G Describe how Economies of Scale and Diseconomies of scale affect costs
Economies of scale slope price re...,
Diseconomies of scale slope price...
2  cards
H Distinguish between SR and LR profit max
Distinguish between sr and lr pro...
1  cards
I Distinguish among decreasing-cost, constant-cost, and increasing cost industries and describe the long-run supply of each
An increase in demand that result...,
Resource prices fall as the indus...,
Input prices neither increase or ...
6  cards
J Calculate and Interpret total, marginal, and average product of labor
For a productin process w a fixed...,
Total product measure in analysis 2,
Average product in analysis 3
4  cards
K,L Describe the phenomenon of DMR and calc and interp profit-max utilization level of an input and optimal cost min combo
Dmr 1,
Calc and interp profit max utiliz...,
Cost min doesnt tell us the quant...
3  cards
a calculate, interpret, and compare accounting profit, economic profit, normal profit, and economic rent;
0  cards
b calculate and interpret and compare total, average, and marginal revenue;
0  cards
c describe a firm’s factors of production;
0  cards
l determine the optimal combination of resources that minimizes cost.
0  cards

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L1 15 Demand and Supply Analysis: The Firm

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