Chapter 5 - Microeconomics : Cost of Production

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

Change in Total Revenue/Change in Quantity
ΔTR/ΔQ = _____

• Marginal cost
• Marginal Revenue
• Profit
• Marginal Profit

 Total Revenue - Total Cost = _____

• Profit
• Revenue
• Marginal Revenue
• Variable Revenue

The quantity of input which minimizes average total costs?

• Diseconomies of scale
• Inefficient Scale
• Efficient Scale
• Economy of scale

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

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