No Matter Academy Theory of cost and revenue concept
1) The reward of an entrepreneur is ____________
2) In production the formula total product divided by number of men employed is ______________
3) Dividing total variable cost by quantity of output gives __________
4) When the total product is at its maximum marginal production is ____________
5) Subsistence production means that goods and service are produced for__________
6) In the long run, all factors of production are _____________
7) The three broad categories of production are ______________
8) The wages paid out to casual workers can be considered ____________ cost
9) The extra amount of money spent to produce an extra unit of good is called _____________
10) Average fixed cost + Z = Average total cost. Z stands for ____________
11) Another name for marginal cost is ____________
12) The cost of production which do not vary with the level of output is called ___________
13) Cost which varies directly with the volume of output is ______________
14) When the marginal product is zero then, the total product is at its _____________
15) In the short run, the difference between total cost and variable cost is ______________
16) If total cost function is given as TC = 10q2 +4q + 60 then the marginal cost is ______________
17) If a firms total cost function is TC = 20 + 32q+ 10q2+ q3, the average variable cost when q is 20
____________
18) If fixed cost is #600, variable cost is #400 and total output is 100 what is the average cost
19) Law of diminishing returns means _______________
20) The sales per unit of output is known as ____________
21) The extra amount of revenue realized from extra unit of goods sold is _______________
22) A situation when the marginal revenue equal marginal cost is ___________
23) Total revenues less Total cost is _________
24) A frims breaks even when _______________
1) The reward of an entrepreneur is ____________
2) In production the formula total product divided by number of men employed is ______________
3) Dividing total variable cost by quantity of output gives __________
4) When the total product is at its maximum marginal production is ____________
5) Subsistence production means that goods and service are produced for__________
6) In the long run, all factors of production are _____________
7) The three broad categories of production are ______________
8) The wages paid out to casual workers can be considered ____________ cost
9) The extra amount of money spent to produce an extra unit of good is called _____________
10) Average fixed cost + Z = Average total cost. Z stands for ____________
11) Another name for marginal cost is ____________
12) The cost of production which do not vary with the level of output is called ___________
13) Cost which varies directly with the volume of output is ______________
14) When the marginal product is zero then, the total product is at its _____________
15) In the short run, the difference between total cost and variable cost is ______________
16) If total cost function is given as TC = 10q2 +4q + 60 then the marginal cost is ______________
17) If a firms total cost function is TC = 20 + 32q+ 10q2+ q3, the average variable cost when q is 20
____________
18) If fixed cost is #600, variable cost is #400 and total output is 100 what is the average cost
19) Law of diminishing returns means _______________
20) The sales per unit of output is known as ____________
21) The extra amount of revenue realized from extra unit of goods sold is _______________
22) A situation when the marginal revenue equal marginal cost is ___________
23) Total revenues less Total cost is _________
24) A frims breaks even when _______________
