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Learning Log 12.8.08 Chapter 23

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Learning Log 12.8.08 Chapter 23 Powered By Docstoc
					                                                                                                          Jelincic, Mark
                                     Learning Log Chapter 23                                                    Period 1
                                                                                                               2008
Economic Pattern                                                          Peak




                                                               Recovery




                                                                                 Recession
                                                                                             Depression
Accounting Profit                                A company’s total earnings (total revenue> explicit
                                                 cost)
Normal Profit                                    Total Revenue –( EC+IC)
Economic Profit                                  -Money over
                                                 - TR> (Explicit Costs- Implicit Costs)
Short Run Production Relationships               -Cost to make something in the short run
                                                 - Total product = How much of a good you make
                                                 -Marginal Product = change in total
                                                 product/change in labor input
                                                 -Average Product= total product/ units of labor
Law of Diminishing Return
                                                     TP




                                                                          QL

				
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