1.5 Theory of the Firm - SR Production/Cost

Total Costs / Quantity = _____

• Marginal Cost
• Average Total Cost
• Implicit Cost
• Explicit Cost

Variable Cost/Quantity = _______

• Marginal Variable Cost
• Average Fixed Cost
• Average Variable Cost
• Marginal Total Cost

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

Time period in which one of the costs is fixed?

• Long Run
• Short Run

Additional cost associated by producing one additional unit of product.

• Fixed Costs
• Average Costs
• Marginal Costs
• Emplicit Costs

Input costs that may not have a direct outlay of money.  Value of the opportunity cost.

• Fixed Cost
• Variable Cost
• Implicit Cost
• Explicit Cost

Period of time in which all costs are variable.

• Long Run
• Short Run

Costs that change as the quantity of outputs changes.

• Fixed Costs
• Variable Costs

Fixed Cost divided by the quantity of output.

• Average Fixed Cost
• Average Variable Cost
• Marginal Cost
• Marginal Fixed Cost