WorksheetsMICROECONOMICS - Cost & Production
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Total Costs / Quantity = _____
a)
Marginal Cost
b)
Average Total Cost
c)
Implicit Cost
d)
Explicit Cost
2.
Variable Cost/Quantity = _______
a)
Marginal Variable Cost
b)
Average Fixed Cost
c)
Average Variable Cost
d)
Marginal Total Cost
3.
Change in Total Revenue/Change in Quantity
ΔTR/ΔQ = _____
ΔTR/ΔQ = _____
a)
Marginal cost
b)
Marginal Revenue
c)
Profit
d)
Marginal Profit
4.
Total Revenue - Total Cost = _____
a)
Profit
b)
Revenue
c)
Marginal Revenue
d)
Variable Revenue
5.
Costs that do not change when the quanity of output produced changes?
a)
Fixed Costs
b)
Variable Costs
c)
Explicit Costs
d)
Implicit Costs
6.
The market value of all the inputs a firm uses in production.
a)
Implicit Costs
b)
Explicit Costs
c)
Total Costs
d)
Marginal Costs
7.
Time period in which one of the costs is fixed?
a)
Long Run
b)
Short Run
8.
The amount a firm receives after all costs have been paid.
a)
Revenue
b)
Marginal Profit
c)
Profit
d)
Marginal Revenue
9.
Which of these are costs?
a)
fixed
b)
variable
c)
operating
d)
revenue
10.
You own a restaurant and every month you must pay your water bill. However, you never know how much that bill will be because the amount changes based upon how much water your business uses. This is a...
a)
fixed cost
b)
variable cost
100 %
