Econ 1-24 Revenue, Profits, Price

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E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures.
E.4.2 Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause.
E.4.3 Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E)
E.4.4 Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E)
GE.7.1 Define and explain fiscal policy and its tools. (E)
GE.7.2 Define and explain monetary policy and its tools. (E)
GE.7.3 Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth.
GE.7.4 Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt.
GE.7.5 Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E)

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Lance Hiles

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Econ 1-24 Revenue, Profits, Price


Econ 1-24 Revenue, Profits, PriceOnline version E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures. E.4.2 Describe how the government taxes negative externalities (spillovers) and subsidizes positive externalities to resolve the inefficiencies they cause. E.4.3 Describe the major revenue and expenditure categories in state and federal budgets and their respective proportions, and the challenges of achieving a balanced budget. (E) E.4.4 Determine whether different types of taxes (e.g., income tax, sales tax, and Federal Income Contributions Act [FICA] tax including Social Security and Medicare) are progressive, proportional, or regressive. (E) GE.7.1 Define and explain fiscal policy and its tools. (E) GE.7.2 Define and explain monetary policy and its tools. (E) GE.7.3 Analyze how the government uses fiscal policy to promote price stability, full employment, and economic growth. GE.7.4 Explain how the use of fiscal policy affects budget deficits or surpluses and the national debt. GE.7.5 Analyze how the Federal Reserve uses monetary policy to promote price stability, full employment, and economic growth. (E) by Lance Hiles A C D E F G I K L M N O P R S T U V X Z Starts with A You buy a hydraulic lift for $9K, so the ____ cost of the first car worked on is $9k. 900 cars later, the [same] cost is $10 per. [same] cost is total cost divided by the number of outputs. This cost falls as more things are produced. Contains C If marginal cost of next oil change is $23, & marginal revenue is $20, you shouldn’t make it. Additional cost is greater than additional revenue. Notice the marginal cost is ____ . The more you make, each additional unit always costs more. Contains D As you hire more workers, total pizzas produced will increase at a slower rate. You’ve hit the law of ____ marginal returns. As you add variable resources (workers), to fixed resources (ovens), additional output per worker decreases. Starts with E ____ of ____ is producing many goods at lower prices, instead of a few goods at higher prices. Manufacturing costs of making 1 cell phone would be hundreds of thousands. So manufacturers produce several phones and lower the average cost. Contains F Economies of scale lower average costs, which can be done using robots & producing 2000 pizzas a day. But that makes no sense if no one buys them. The goal is not to keep average costs low, but to make the right number of pizzas & ____ ____ Contains G There are two kinds of profit. ____ profit is revenue minus explicit costs, the regular monetary costs you consider when running a company. Starts with I Accounting costs are monetary costs. Economic costs are ____ costs, & it might seem odd to place cost of something [same]. However, when you decide to help at a charity, you calculate monetary costs (gas money) & [same] costs (other activities). Contains K A ____ cost is a cost that's already been paid and can't be recovered. Economists stress that [same] costs shouldn't be included when making future decisions. Contains L ____ ____ is the additional cost of producing another unit. If the [same] of another oil change is $11 and you can sell it for $20, then you produce that oil change. You would make a $9 profit. Contains M Competitors enter a market until extra profit is gone, so any business left makes as much as they would doing anything else. i.e. there is zero economic profit, what is called ____ ____: minimum level of economic profit needed to stay in business Contains N There are two kinds of profit. ____ profit is revenue minus explicit and implicit costs, or the indirect opportunity costs. Contains O If you're the first to sell glowsticks, you make economic profit. You cover the cost of the glowstick & all opportunity costs. But if you make a lot of money above cost, ____ enter the market, lower prices, & reduce sales. Contains P The actual cost of producing things is called ____ of ____ , & there are two kinds: fixed & variable. Contains R ____ ____ is the additional revenue earned from selling another unit. So if an automotive shop changes oil for $20, the [same] for each oil change is $20. Contains S Should you hire a 2nd worker? One worker prepares ingredients, the other makes & cooks pizza. This specialization ____ the marginal cost of each pizza. 1 worker makes 5 pizzas an hour, 2 workers produce 20 pizzas. Contains T Businesses must make accounting ____ or they will not exist. But they do not make economic [same]. Since there will always be something else they could be doing, opportunity costs will always negate economic [same]. Contains U People make irrational decisions. Imagine your relationship goes sour, but you ignore it because you want to keep the relationship you’ve invested time in. We should consider the relationship a sunk costs & focus on the ___ . Starts with V The more cars you work on, the more oil and grease you need. Also, your employees work longer hours with more automotive jobs. Oil & wages are called ____ costs, because they change depending upon how productive you are. Contains X The money you pay to lease your automotive garage does not change, nor do payments for employee insurance, or the loan payment for the hydraulic lift. These are ____ costs, because they do not change, regardless of productivity. Contains Z To produce the right amount, a business should follow the ____ ____ rule: continue producing as long as marginal revenue of the last unit produced is greater than the marginal cost. This is often shortened down to “produce where MR equals MC”

Econ 1-24 Revenue, Profits, Price

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Econ 1-24 Revenue, Profits, PriceOnline version

by Lance Hiles

Starts with A

You buy a hydraulic lift for $9K, so the ____ cost of the first car worked on is $9k. 900 cars later, the [same] cost is $10 per. [same] cost is total cost divided by the number of outputs. This cost falls as more things are produced.

Contains C

If marginal cost of next oil change is $23, & marginal revenue is $20, you shouldn’t make it. Additional cost is greater than additional revenue. Notice the marginal cost is ____ . The more you make, each additional unit always costs more.

Contains D

As you hire more workers, total pizzas produced will increase at a slower rate. You’ve hit the law of ____ marginal returns. As you add variable resources (workers), to fixed resources (ovens), additional output per worker decreases.

Starts with E

____ of ____ is producing many goods at lower prices, instead of a few goods at higher prices. Manufacturing costs of making 1 cell phone would be hundreds of thousands. So manufacturers produce several phones and lower the average cost.

Contains F

Economies of scale lower average costs, which can be done using robots & producing 2000 pizzas a day. But that makes no sense if no one buys them. The goal is not to keep average costs low, but to make the right number of pizzas & ____ ____

Contains G

There are two kinds of profit. ____ profit is revenue minus explicit costs, the regular monetary costs you consider when running a company.

Starts with I

Accounting costs are monetary costs. Economic costs are ____ costs, & it might seem odd to place cost of something [same]. However, when you decide to help at a charity, you calculate monetary costs (gas money) & [same] costs (other activities).

Contains K

A ____ cost is a cost that's already been paid and can't be recovered. Economists stress that [same] costs shouldn't be included when making future decisions.

Contains L

____ ____ is the additional cost of producing another unit. If the [same] of another oil change is $11 and you can sell it for $20, then you produce that oil change. You would make a $9 profit.

Contains M

Competitors enter a market until extra profit is gone, so any business left makes as much as they would doing anything else. i.e. there is zero economic profit, what is called ____ ____: minimum level of economic profit needed to stay in business

Contains N

There are two kinds of profit. ____ profit is revenue minus explicit and implicit costs, or the indirect opportunity costs.

Contains O

If you're the first to sell glowsticks, you make economic profit. You cover the cost of the glowstick & all opportunity costs. But if you make a lot of money above cost, ____ enter the market, lower prices, & reduce sales.

Contains P

The actual cost of producing things is called ____ of ____ , & there are two kinds: fixed & variable.

Contains R

____ ____ is the additional revenue earned from selling another unit. So if an automotive shop changes oil for $20, the [same] for each oil change is $20.

Contains S

Should you hire a 2nd worker? One worker prepares ingredients, the other makes & cooks pizza. This specialization ____ the marginal cost of each pizza. 1 worker makes 5 pizzas an hour, 2 workers produce 20 pizzas.

Contains T

Businesses must make accounting ____ or they will not exist. But they do not make economic [same]. Since there will always be something else they could be doing, opportunity costs will always negate economic [same].

Contains U

People make irrational decisions. Imagine your relationship goes sour, but you ignore it because you want to keep the relationship you’ve invested time in. We should consider the relationship a sunk costs & focus on the ___ .

Starts with V

The more cars you work on, the more oil and grease you need. Also, your employees work longer hours with more automotive jobs. Oil & wages are called ____ costs, because they change depending upon how productive you are.

Contains X

The money you pay to lease your automotive garage does not change, nor do payments for employee insurance, or the loan payment for the hydraulic lift. These are ____ costs, because they do not change, regardless of productivity.

Contains Z

To produce the right amount, a business should follow the ____ ____ rule: continue producing as long as marginal revenue of the last unit produced is greater than the marginal cost. This is often shortened down to “produce where MR equals MC”

of is producing many goods at lower prices, instead of a few goods at higher prices. Manufacturing costs of making 1 cell phone would be hundreds of thousands. So manufacturers produce several phones and lower the average cost.

Economies of scale lower average costs, which can be done using robots & producing 2000 pizzas a day. But that makes no sense if no one buys them. The goal is not to keep average costs low, but to make the right number of pizzas &

is the additional cost of producing another unit. If the [same] of another oil change is $11 and you can sell it for $20, then you produce that oil change. You would make a $9 profit.

Competitors enter a market until extra profit is gone, so any business left makes as much as they would doing anything else. i.e. there is zero economic profit, what is called : minimum level of economic profit needed to stay in business

The actual cost of producing things is called of , & there are two kinds: fixed & variable.

is the additional revenue earned from selling another unit. So if an automotive shop changes oil for $20, the [same] for each oil change is $20.

To produce the right amount, a business should follow the rule: continue producing as long as marginal revenue of the last unit produced is greater than the marginal cost. This is often shortened down to “produce where MR equals MC”