
5.2/5.3 - Production and Cost, Revenue, Profit Maximization
Authored by Anthony Hoyt
Social Studies
12th Grade
Used 13+ times

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10 questions
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1.
MATCH QUESTION
2 mins • 1 pt
Match the following terms with the correct definition.
Short Run
A period long enough for the firm to adjust the quantities of all productive resources.
Long Run
A period so brief that only the amount of the variable input can be changed.
Production Function
Total output produced by the firm.
Total Product
Figure that shows how total output changes when the amount of a single variable input changes while all others are constant.
2.
MATCH QUESTION
2 mins • 1 pt
Match the following terms with the correct definition.
Marginal Product
Stage where output increases at a diminishing rate as more variable inputs are added.
Stages of Production
Increasing returns, Diminishing returns, and negative returns.
Diminishing Returns
The extra output or change in total product caused by adding one more unit of variable input
3.
MATCH QUESTION
2 mins • 1 pt
Match the following terms with the correct definition.
Overhead
Sum of the fixed and variable costs.
Marginal Cost
The extra cost incurred when producing one more unit of output.
Fixed Costs
The costs that an organization incurs even if there is little or no activity.
Variable Costs
Total fixed costs can go by another name too.
Total Cost
Costs that change when the business's rate of operation or output changes.
4.
MATCH QUESTION
2 mins • 1 pt
Match the following terms with the correct definition.
Profit-max. Quantity of Output
Level of production that generates just enough revenue to cover total operating costs
Break-even Point
Is reached when marginal cost and marginal revenue are equal.
E-commerce
Electronic business conducted over the Internet
5.
MATCH QUESTION
2 mins • 1 pt
Match the following terms with the correct definition.
Marginal Analysis
A type of decision making that compares the extra benefits of an action to the extra costs of taking the action.
Total Revenue
All the revue a business receives.
Marginal Revenue
The extra revenue a business receives from the production and sale of one additional unit of output.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When looking at a production function, what is typically the single variable input that changes while others are constant?
Labor
Capital
Substitues
Demand
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Choose the correct description for what is occurring in Stage II.
Total output decreases
Total output increase rapidly
Total output still increases but at a slower/decreasing rate
None of the above
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