Money must change hands before a cost can be incurred.
True or False:
In the short run, changes in output can only be brought about by a change in the quantity of variable inputs.
At 100 units of output, total cost is $40,000 and total variable cost is $34,000. At 100 units of output, what is the value of average total cost, average variable cost, and average fixed cost, respectively?
$400; $340; $60 by a change in the quantity of variable inputs.
The change in total cost that results from a change in output is __________ cost.
marginal output is __________ cost.
"As additional units of a variable input are added to a fixed input, eventually the marginal physical product of the variable input will decline." This is a statement of the
law of diminishing marginal returns.
Suppose a given marginal cost curve starts out downward sloping and at some point turns upward. The point at which it turns upward is the point at which