Production Cost & Revenue

Increase in Variable Cost / Marginal Product = _____

• Marginal Cost

• Average Total Cost

• Marginal Revenue

• Marginal Fixed Revenue

The additional amount of money a business receives by selling one more unit of a product.

• Marginal cost

• Marginal Revenue

• Profit

• Marginal Profit

 Total Revenue - Total Cost = _____

• Profit
• Revenue
• Marginal Revenue
• Variable Revenue

Costs that do not change when the quanity of output produced changes?

• Fixed Costs
• Variable Costs
• Explicit Costs
• Implicit Costs

Time period in which one of the costs is fixed?

• Long Run
• Short Run

The amount a firm receives after all costs have been paid.

• Revenue
• Marginal Profit
• Profit
• Marginal Revenue

Additional cost associated by producing one additional unit of product.

• Fixed Costs

• Average Costs

• Marginal Costs

• Variable Costs

The amount a firm receives for the sale of its output.
P x Q = _____

• Profit
• Total Revenue
• Marginal Revenue
• Average Profit

An increase in output which arises from one additional unit of input.

• Marginal Cost

• Marginal Product

• Marginal Revenue

• Marginal Input

Period of time in which all costs are variable.

• Long Run
• Short Run