COST OF PRODUCTION, SHORT AND LONG RUN
Authored by siti noraain
Education, Business, Mathematics
University
Used 237+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Total Costs / Quantity = _____
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Change in Total Revenue/Change in Quantity
ΔTR/ΔQ = _____
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Total Revenue - Total Cost = _____
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The amount a firm receives for the sale of its output.
P x Q = _____
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Measure of profit which includes both explict and implicit costs.
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Economists usually assume that ________ is a fixed input in the ________ run.
labor; short
capital; short
labor; long
capital; long
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Wilbur's Widgets, a widget company, produces 100 widgets. Its average fixed cost is $5 and its total variable cost is $300. What is the total cost of producing 100 widgets?
$300
$400
$700
$800
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