Microeconomics vocab: Production, costs, and revenue

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  • Created by: Z212
  • Created on: 25-10-16 16:07
V U W J P A B O F D K C D R H N T N B R J
Y P D L U X U D W L U U I Q W E V J R E O
J Y P R O F I T M A X I M I S A T I O N K
V W D I S E C O N O M Y O F S C A L E D J
M L V L D R U A G C L Q A T D I I J I U K
T S P V R C C V F Y Y S H R V O H S M M C
M R P K A V E R A G E F I X E D C O S T J
N A V E R A G E T O T A L C O S T S G Q O
I S E D B W P N U T L A O P E X V V I M T
L O N G R U N M A R G I N A L C O S T E O
B D Y N A M I C E F F I C I E N C Y Y N M
T O T A L R E T U R N S O F L A B O U R W
E R M A F M H K U B I J O R H O X F U L C
H F L O N G R U N A V E R A G E C O S T F
D E O C M A R G I N A L R E V E N U E X S
P E C T L G S T E D A L E I Y U K F K K U
O C R E A T I V E D E S T R U C T I O N J
R V S L M T S X P S R G M R S P G C Q V M
L G R I B P V Q I K H S A S G S Y E C K R
J H L U H N C B V I G V P N S S C A I Y Q
Q A W M L U D B D K J R U W G Q P G L B U

Clues

  • addition to total cost resulting from producing one additional unit of output when all the factors of production are variable (4, 3, 8, 4)
  • addition to total revenue resulting from the sale of one more unit of the product (MR= change in TR/change in Q) (8, 7)
  • as output increases, long-run average cost rises (10, 2, 5)
  • capitalism evoling and renewing itself over time through new technologies and innovations replacing older technologies and innovations (8, 11)
  • cost per unit of output incurred when all factors of production or inputs can be varied (4, 3, 7, 4)
  • occurs at the level of output at which total profit is greatest (6, 12)
  • occurs in the long-run, leading to the development of new products and more efficient processes that improve productive efficiency (7, 10)
  • total cost of employing the fixed facotrs of production to produce a particular level of output, divided by the size of output (AFC= TFC/Q) (7, 5, 4)
  • total cost of producing a particular level of output, divided by the size of output; often called average cost (ATC= AFC+AVC) (7, 5, 4)
  • total output produced by all the workers employed by a firm (5, 7, 2, 6)

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