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Questions and Answers
Mircoecomics Chapter 7 PRODUCTION AND COSTS Preview 7.1 Profits: Total Revenues Minus Total Costs 7.2 Production in the Short Run 7.3 Costs in the Short Run 7.4 The Shape of the Short-Run Cost Curves 7.5 Cost Curves: Short Run and Long Run
Mircoecomics Chapter 7 PRODUCTION AND COSTS Preview 7.1 Profits: Total Revenues Minus Total Costs 7.2 Production in the Short Run 7.3 Costs in the Short Run 7.4 The Shape of the Short-Run Cost Curves 7.5 Cost Curves: Short Run and Long Run
In the short run, firms can adjust their ______ of production, but not all inputs.
In the short run, firms can adjust their ______ of production, but not all inputs.
level
Short-run cost curves illustrate the relationship between the cost of production and the quantity of ______ produced.
Short-run cost curves illustrate the relationship between the cost of production and the quantity of ______ produced.
output
Total revenue minus total cost equals a firm's
Total revenue minus total cost equals a firm's
Flashcards
Short run production adjustment
Short run production adjustment
In the short run, firms can change how much they produce, but not all the things they need to make products.
Short-run cost curves
Short-run cost curves
Short-run cost curves show how much it costs to make different amounts of stuff, considering you can't change everything right away.
Profit
Profit
Profit is what you get when you take all the money you made and subtract all the money you spent.
Study Notes
Production and Costs
- In the short run, firms can adjust their quantity of production, but not all inputs.
- Short-run cost curves illustrate the relationship between the cost of production and the quantity of output produced.
- A firm's profit is calculated by subtracting total cost from total revenue.
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