?Total cost ÷ ?Output A mathematical relationship between the producer’s output

Question

?Total cost ÷ ?Output

A mathematical relationship between the producer’s output level and total cost, when the level of at least one input is fixed

A mathematical relationship between the producer’s output level and total cost, when all input levels are variable

The property of a long-run total cost curve whereby if the level of output is increased, total cost rises less than proportionally

The property of a long-run total cost curve whereby if the level of output is increased, total cost rises more than proportionally

The property of a long-run total cost curve whereby if the level of output is increased, total cost rises proportionally

The property whereby a producer can produce two goods (through a joint production process) at a lower cost than it could produce each good separately

The property whereby a producer’s cost from producing two goods jointly (through a joint production process) is greater than its total cost of producing each good separately

Terms

Definitions

?Total cost ÷ ?Output

A mathematical relationship between the producer’s output level and total cost, when the level of at least one input is fixed

A mathematical relationship between the producer’s output level and total cost, when all input levels are variable

The property of a long-run total cost curve whereby if the level of output is increased, total cost rises less than proportionally

The property of a long-run total cost curve whereby if the level of output is increased, total cost rises more than proportionally

The property of a long-run total cost curve whereby if the level of output is increased, total cost rises proportionally

The property whereby a producer can produce two goods (through a joint production process) at a lower cost than it could produce each good separately

The property whereby a producer’s cost from producing two goods jointly (through a joint production process) is greater than its total cost of producing each good separately

Explanation / Answer

Terms Definition Marginal Cost ?Total cost ÷ ?Output Short run total cost function A mathematical relationship between the producer’s output level and total cost, when the level of at least one input is fixed Long run total cost function A mathematical relationship between the producer’s output level and total cost, when all input levels are variable Decreasing cost industry The property of a long-run total cost curve whereby if the level of output is increased, total cost rises less than proportionally Increasing cost industry The property of a long-run total cost curve whereby if the level of output is increased, total cost rises more than proportionally Constant cost industry The property of a long-run total cost curve whereby if the level of output is increased, total cost rises proportionally Economies of scope The property whereby a producer can produce two goods (through a joint production process) at a lower cost than it could produce each good separately Economies of scale The property whereby a producer’s cost from producing two goods jointly (through a joint production process) is greater than its total cost of producing each good separately

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