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Total questions: 10
Worksheet time: 5mins
The graph given represents?
(a)
This is the change in total production that comes from making or producing one additional unit
Marginal Cost
Fixed Cost
Variable cost
(a)
= Total Cost – Fixed Cost
Variable cost
Total cost
Average cost
What is short run?
The short run is when at least one input is fixed while others are variable
The short run is a concept that states that you will be able to change your plans
The short run is when you can change capital and labour and any factor of production
Cost per unit of output is
AC
MC
The physical and mental effort used to produce goods and services.
Labor
Capital
Land
Scarcity
Salary given to permanent staff is an example of which kind of cost
fixed cost
variable cost
What a person gives up to get something they want ( your second choice)
Producer
Opportunity Cost
service
