Production Costs

A cost that is included in economic profit

• Implicit Cost

• Marginal Cost

• Average Cost

• Economic Cost

Incremental product produced by adding one additional unit of labor

• Marginal Cost

• Marginal Profit

• Marginal Product

• None of the above

Average Total Costs are calculated by dividing Total Costs by

• Price

• Quantity or units produced

• Average Variable Costs

• Revenue

The relationship between the quantity of inputs a firm uses and the corresponding quantity of outputs it produces.

• Production Function

• Total Product

• Accounting Profit

• Margin

An input whose cost does not change

• Variable

• Marginal

• Fixed

• Total