Ag Business - Fixed Vs Variable Costs

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Across
  1. 3. The decrease in value of an asset over time due to use, age, or wear.
  2. 4. (3 Words)The fixed cost per unit of output, calculated by dividing total fixed cost by the quantity produced.
  3. 8. A specific business activity or production area within an operation, such as livestock, crops, or horticulture.
  4. 11. The income a business receives from selling its products or services.
  5. 13. (2 Words)A period of production in which at least one factor of production is fixed and cannot be changed.
  6. 15. (3 Words)The total cost per unit of output, calculated by dividing total cost by the quantity produced.
  7. 16. A payment made to protect a business or operation against financial losses from unexpected events.
  8. 17. (2 Words)A cost that changes as the amount of production changes.
  9. 18. (2 Words)A cost that does not change as the amount of production changes.
  10. 19. (2 Words)The value of the next best alternative that is given up when a decision is made.
Down
  1. 1. The level of production or sales where total revenue equals total cost.
  2. 2. (3 Words)The reduction in average cost that can occur when production is increased.
  3. 4. (3 Words)The variable cost per unit of output, calculated by dividing total variable cost by the quantity produced.
  4. 5. (2 Words)The total income received from selling all units of a product or service.
  5. 6. (2 Words)A period of production long enough for all factors of production to be changed.
  6. 7. Money or assets used to start, operate, or expand a business or agricultural operation.
  7. 9. The cost of borrowing money or the return earned on money that has been invested.
  8. 10. (2 Words)The additional cost of producing one more unit of a product.
  9. 12. The amount remaining after all costs are subtracted from total revenue.
  10. 14. (2 Words)The combined amount of fixed costs and variable costs.