Costs of Production
Across
- 5. the planning period over which a company can consider all factors of production as variable
- 8. situation in which the LR average costs declines as the firm expands its output
- 11. a factor of production whose quantity can be changed during a particular period
- 12. situation in which the long-run average cost increases as the firm expands its output
Down
- 1. the sum of total variable cost and total fixed cost
- 2. the relationship between factors of production and the output of a firm
- 3. returns to scale; situation in which the LR average costs stays the same over an output range
- 4. marginal returns; the range over which each additional unit of a variable factor adds less to total output than the previous unit
- 6. situation in which a firm has a high ratio of capital to labour
- 7. product; the amount by which output rises with an additional unit of a variable factor
- 9. a planning period over which the managers of a firm must consider at least one factor of production as fixed in quantity
- 10. a factor of production whose output cannot be changed during a particular period