Revenues, costs and profits

How is Marginal Revenue Calculated?

What will the total, marginal and average revenue curves look like when price is constant?

What is the difference between short run, long run and very long run production?

What is the law of diminishing returns?

What are constant returns to scale?

What is total product?

What is a fixed (indirect or overhead) cost?

What is the condition for revenue maximisation?

Draw the Total Product curve

Draw the AP and MP curves

What is the economic cost of depreciation?

What is a variable cost?

Give an example of a semi-variable cost that a firm may face

Draw the TC, TFC and TVC curves

How could the position of the TFC curve be described?

What are the 2 qualities of the Marginal Cost curve?

Draw the AFC, ATC, AVC and MC curves on the same set of axis

How are economies and diseconomies shown on a diagram?

What is the minimum efficient scale of production?

Name 4 sources of economies of scale

What are the 2 main causes of diseconomies of scale?

Give 4 reasons for a shift in the LRAC curve

What are 3 ways of avoiding diseconomies of scale?

What is supernormal profit?

How could maximum profit level be shown with TR and TC curves?

What are the 5 functions of profit?

What are 3 Microeconomic effects of falling profits?

What are 4 Macroeconomic effects of falling profits?

	Created by Sophie Knight over 7 years ago

A level Economics (Unit 3) Flashcards on Revenues, costs and profits, created by Sophie Knight on 27/02/2017.