9.6

question

three significant costs for the firm

answer

total, average, and marginal.

question

total costs

answer

fixed costs + variable costs

question

fixed costs

answer

costs that remain constant as output changes

question

variable costs

answer

costs that change as output changes

question

average total costs

answer

total cost divided by the quantity of output

question

average variable costs

answer

variable cost divided by the quantity of output

question

average fixed costs.

answer

fixed cost divided by the quantity of output

question

average total cost

answer

average fixed cost plus the average variable cost

question

Of the cost curves, the only curve which will always be decreasing is:

answer

Average Fixed costs

question

marginal costs

answer

the change in the total cost divided by the change in output/ measure the additional costs from production changes

question

the total fixed cost curve is

answer

horizontal since fixed costs do not change as output changes

question

, when the marginal cost curve is below the average total cost and the average variable cost curves,

answer

both average total cost and average variable cost decrease.

question

when the marginal cost curve is above the average total cost and the average variable cost curves

answer

both average total cost and average variable cost increase.

question

The marginal cost curve intersects the average variable and average total curves at

answer

the minimum point of the average variable and average total cost curves

question

, an increase in productivity per unit of labor causes

answer

the average variable, average total, and marginal costs to decrease, shifting those curves downward.

1 of 15

question

three significant costs for the firm

answer

total, average, and marginal.

question

total costs

answer

fixed costs + variable costs

question

fixed costs

answer

costs that remain constant as output changes

question

variable costs

answer

costs that change as output changes

question

average total costs

answer

total cost divided by the quantity of output

question

average variable costs

answer

variable cost divided by the quantity of output

question

average fixed costs.

answer

fixed cost divided by the quantity of output

question

average total cost

answer

average fixed cost plus the average variable cost

question

Of the cost curves, the only curve which will always be decreasing is:

answer

Average Fixed costs

question

marginal costs

answer

the change in the total cost divided by the change in output/ measure the additional costs from production changes

question

the total fixed cost curve is

answer

horizontal since fixed costs do not change as output changes

question

, when the marginal cost curve is below the average total cost and the average variable cost curves,

answer

both average total cost and average variable cost decrease.

question

when the marginal cost curve is above the average total cost and the average variable cost curves

answer

both average total cost and average variable cost increase.

question

The marginal cost curve intersects the average variable and average total curves at

answer

the minimum point of the average variable and average total cost curves

question

, an increase in productivity per unit of labor causes

answer

the average variable, average total, and marginal costs to decrease, shifting those curves downward.

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9.6

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