Chapter 10: Theory of The Firm - Custom Scholars
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Chapter 10: Theory of The Firm

question
short run
answer
the time period in which at least one input is fixed
question
long run
answer
the time period in which all inputs can be varied
question
production
answer
The process of converting inputs (resources) into outputs (goods and services).
question
average product
answer
output per worker (Q/L)
question
marginal product
answer
extra output produced when another worker is hired (Q2-Q1 / L2-L1)
question
law of diminishing returns
answer
When additional units of a variable input are added to fixed inputs after a certain point, the marginal product of the variable input declines.
question
total fixed cost
answer
are fixed costs that do not vary or change w/ level of output
question
total variable cost
answer
costs that do vary or change w/ level of output
question
total cost
answer
fixed costs plus variable costs
question
average fixed cost (AFC)
answer
fixed cost per unit of output (FC/Q)
question
average variable cost (AVC)
answer
variable cost per unit of output (VC/Q)
question
average total cost (ATC)
answer
AFC + AVC
question
marginal cost
answer
the cost of producing one more unit of a good
(TC2 - TC1 / Q2 - Q1)
question
economics of scale
answer
cost per unit decreases as output increases
question
constant returns to scale
answer
when long-run average total cost is constant as output increases
question
diseconomies of scale
answer
cost per unit increases as output increases
1 of 16
question
short run
answer
the time period in which at least one input is fixed
question
long run
answer
the time period in which all inputs can be varied
question
production
answer
The process of converting inputs (resources) into outputs (goods and services).
question
average product
answer
output per worker (Q/L)
question
marginal product
answer
extra output produced when another worker is hired (Q2-Q1 / L2-L1)
question
law of diminishing returns
answer
When additional units of a variable input are added to fixed inputs after a certain point, the marginal product of the variable input declines.
question
total fixed cost
answer
are fixed costs that do not vary or change w/ level of output
question
total variable cost
answer
costs that do vary or change w/ level of output
question
total cost
answer
fixed costs plus variable costs
question
average fixed cost (AFC)
answer
fixed cost per unit of output (FC/Q)
question
average variable cost (AVC)
answer
variable cost per unit of output (VC/Q)
question
average total cost (ATC)
answer
AFC + AVC
question
marginal cost
answer
the cost of producing one more unit of a good
(TC2 - TC1 / Q2 - Q1)
question
economics of scale
answer
cost per unit decreases as output increases
question
constant returns to scale
answer
when long-run average total cost is constant as output increases
question
diseconomies of scale
answer
cost per unit increases as output increases
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