ECON 5.2 Costs of Production

 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

The market value of all the inputs a firm uses in production.

• Implicit Costs
• Explicit Costs
• Total Costs
• Marginal Costs

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
• Emplicit Costs

The amount a firm receives for the sale of its output.

• Profit

• Total Revenue

• Marginal Revenue

• Average Profit

Period of time in which all costs are variable.

• Long Run
• Short Run

Time period in which you can clearly identify the fixed costs and the variable costs

• Long Run

• Short Run

Costs that change as the quantity of outputs changes.

• Fixed Costs
• Variable Costs

Revenue generated by producing one additional unit of product.

• Marginal Revenue
• Marginal Profit
• Total Revenue
• Average Revenue