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Microeconomics
Production & Costs
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Microeconomics: Production & Costs
Introduction
Demand & Supply
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Utility
Elasticity
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Exam question 1
Exam question 2
Market Structures
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Production & Costs
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Multiple Choice
Microeconomics
Topic 4 (B)
: Production & Costs
Matching Exercise
Multiple Choice
Microeconomics
Topic 5 - Production & Costs
Topic 4: Production & Costs - Matching Exercise
Match the items on the right to the items on the left
Check
The short run is a period of time in which
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
ATC
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
Marginal Product
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
Marginal Cost
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
Increasing Returns to Scale
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
Average Product
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
Decreasing Returns to Scale
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
The long run is a period of time in which
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
Diseconomies fo Scale
Select Answer
Δ TP / Δ Q
all factors of production can be varied
ΔTC / ΔQ
TC / Q
exists where an increase in the scale of production is proportionately greater than the increase in inputs
exist where an increase in the scale of production leads to higher costs per unit of output produced
at least one factor of production is fixed i.e. Capital
TP / Q
exist where an increase in the input level results in smaller proportion increase in the scale of production
Check
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