Production Function and Short-run Production Cost

Which of the following is NOT considered as variable input?

• A. Worker

• A. Building

• A. Raw materials

• A. Operation manager

The marginal production from 3 to 4 labors is _________.

• 2

• 7

• 4

• 8

At the level of 5 labors, average production is __________.

• 4 units

• 6 units

• 7 units

• 8 units

Total Costs / Quantity = _____

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

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

Additional cost associated by producing one additional unit of product.

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

Costs that change as the quantity of outputs changes.

• Fixed Costs
• Variable Costs

The relationship between the quantity of inputs used to make a good and the quantity of output produced.

• Diminishing Marginal Utility
• Production Function
• Conjunction Junction
• Economies of Scale

Occurs when each addition of an input results in declining quantity of the output

• Diminishing Marginal Utility
• Diminishing Marginal Costs
• Diminishing Marginal Returns
• Diminishing Marginal Profits