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5.2/5.3 - Production and Cost, Revenue, Profit Maximization

Authored by Anthony Hoyt

Social Studies

12th Grade

Used 13+ times

5.2/5.3 - Production and Cost, Revenue, Profit Maximization
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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.

Long Run

A period long enough for the firm to adjust the quantities of all productive resources.

Total Product

Figure that shows how total output changes when the amount of a single variable input changes while all others are constant.

Short Run

Total output produced by the firm.

Production Function

A period so brief that only the amount of the variable input can be changed.

2.

MATCH QUESTION

2 mins • 1 pt

Match the following terms with the correct definition.

Diminishing Returns

The extra output or change in total product caused by adding one more unit of variable input

Stages of Production

Stage where output increases at a diminishing rate as more variable inputs are added.

Marginal Product

Increasing returns, Diminishing returns, and negative returns.

3.

MATCH QUESTION

2 mins • 1 pt

Match the following terms with the correct definition.

Total 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

Costs that change when the business's rate of operation or output changes.

Marginal Cost

Sum of the fixed and variable costs.

Overhead

Total fixed costs can go by another name too.

4.

MATCH QUESTION

2 mins • 1 pt

Match the following terms with the correct definition.

Break-even Point

Electronic business conducted over the Internet

Profit-max. Quantity of Output

Is reached when marginal cost and marginal revenue are equal.

E-commerce

Level of production that generates just enough revenue to cover total operating costs

5.

MATCH QUESTION

2 mins • 1 pt

Match the following terms with the correct definition.

Total Revenue

The extra revenue a business receives from the production and sale of one additional unit of output.

Marginal Analysis

A type of decision making that compares the extra benefits of an action to the extra costs of taking the action.

Marginal Revenue

All the revue a business receives.

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

Media Image

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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