Cost of production

Total Costs / Quantity = _____

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

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

• Marginal cost
• Marginal Revenue
• Profit
• Marginal Profit

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

The amount a firm receives after all costs have been paid.

• Revenue
• Marginal Profit
• Profit
• Marginal Revenue

The amount a firm receives for the sale of its output.
P x Q = _____

• Profit
• Total Revenue
• Marginal Revenue
• Average Profit

Costs that change as the quantity of outputs changes.

• Fixed Costs
• Variable Costs

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

How much profit was made?

Buy a toy for RF 100. Sell it for 400.

• RF 200

• RF 300

• RF 400

• RF 500

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket. For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth. This month she made and sold 15 blankets. What is Kelly's total cost?

• $25

• $225

• $375

• $750