Production and Costs

It is a means of transforming inputs into an putput.

• Production

• Investing

• Efficiency

• Development

It is a way of how inputs are transformed into outputs.

• Production Technology

• Production Costs

• Production Assets

• Production Maintenance

Factors of Production.

• Manpower

• Machines

• Money

• All of the above

If the price increases, the firm would like to supply

• more

• less

• the same

• zero

Inputs whose quantities cannot be changed in response to the changes in the market conditions.

• Elastic

• Inelastic

• Variable

• Fixed

It is a period of time in which the the quantity of at least one input is fixed and the quantities of the other inputs can be varied.

• Long run

• Short run

• Long term

• Short term

The maximum level of output that can be produced with the given amount of inputs.

• Total Assets

• Total Sales

• Total Product

• Total Liabilities

The sum of fixed and variable costs.

• Total Cost

• Total Assets

• Average Cost

• Variable Cost

An example of variable cost.

• electricity

• land

• Rent

• Office supplies

The change in total output attributable to the last unit of an input.

• Utility cost

• Marginal product

• Production unit

• Product sample