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Define the following terms: total revenue, total cost, profit, explicit costs, implicit costs, economic profit, accounting profit, production function, marginal product, diminishing marginal product, fixed costs, variable costs, average total cost, average fixed cost, average variable cost, marginal cost, efficient scale, economies of scale, diseconomies of scale, constant returns to scale?

What is the relationship between a firm's total revenue, profit, and total cost?

Give an example of an opportunity cost that an accountant might not count as a cost. Why would the

accountant ignore this cost?

Give an example of an opportunity cost that an accountant might not count as a cost. Why would the

accountant ignore this cost?

What is marginal product, and what does it mean if it is diminishing?

How and why does a firm's average-total-cost curve differ in the short run and in the long run?

Define economies of scale and explain why they might arise. Define diseconomies of scale and explain why they might arise?

Define elasticity ?

Define price elasticity of demand?

Define income elasticity of demand?

List and explain the four determinants of the price elasticity of demand?

If demand is elastic, how will an increase in price change total revenue? Explain

Define cross-price elasticity of demand?

Define price elasticity of supply?

What do we call a good with an income elasticity less than zero?

If the elasticity is greater than 1, is demand elastic or inelastic? If the elasticity equals zero, is demand perfectly elastic or perfectly inelastic?

If a fixed quantity of a good is available, and no more can be made, what is the price elasticity of supply?