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Production, costs and revenue 1

Quiz by Craig Fortuin

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30 questions
Show answers
  • Q1
    total product is the maximum output that the firm can produce with the given number of fixed and variable inputs at its disposal
    total product/output (TP)
    30s
  • Q2
    marginal product is the additional unit of output which is produced as one more unit of the variable input (labour) is combined with the fixed input
    marginal product/output (definition)
    30s
  • Q3
    MP = ∆total product (TP) ÷ ∆number of workers (N)
    marginal product/output (formula)
    30s
  • Q4
    average product of a variable input shows the contribution that each labourer makes towards production
    average product/output (definition)
    30s
  • Q5
    AP = total product (TP) ÷ number of workers (N)
    average product (formula)
    30s
  • Q6
    costs that remain the same even if the output changes, e.g. rent, depreciation, insurance
    fixed costs (indirect costs/overhead costs)
    30s
  • Q7
    costs that change according to changes in output, e.g. wages, cost of raw materials, electricity
    variable costs (direct costs/prime costs)
    30s
  • Q8
    the cost/remuneration for all the factors of production used in the production process
    total cost (definition)
    30s
  • Q9
    Total Cost = Total Fixed Cost + Total Variable Cost
    total cost (formula)
    30s
  • Q10
    marginal cost is the amount by which total cost increases when one extra unit of a product is produced
    marginal cost (definition)
    30s
  • Q11
    MC = ∆total cost (TC) ÷ ∆Quantity produced (Q)
    marginal cost (formula)
    30s
  • Q12
    average cost (or average total cost) is the cost per unit of production
    average cost (AC) (definition)
    30s
  • Q13
    average cost of production, calculated as Total Cost/Quantity
    unit cost
    30s
  • Q14
    average cost = total cost (TC) ÷ Quantity produced (Q)
    average cost (AC) (formula)
    30s
  • Q15
    average fixed cost is the total fixed cost (TFC) divided by the total product (total quantity produced)
    average fixed cost (AFC) (definition)
    30s

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