cost of production (4.1.5) 0.0 / 5 ? Economicscost of production (4.1.5)ASAQA Created by: lee42Created on: 04-06-19 11:47 what are total costs? sum of FC and VC 1 of 8 Do fixed cost change in the short run? FC cannor change in short run, they do not chnage regardless of output 2 of 8 Do variable costs change in the short run? VC are generated on the act of production, they can be changed in short run 3 of 8 what are marginal costs? change in TC/ change in output 4 of 8 what are average costs? its TC over total output 5 of 8 what are factor price? they are prices of factors of production e.g.labour/capital 6 of 8 how does productivity affect cost of production? Increases in productivity will lower a firm's costs 7 of 8 what is diminshing marginal product? is the concept that the more of something you add, the lower the impact of each additional unit, assuming all else is fixed. 8 of 8
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