Cost - Crossword

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Across
  1. 2. the additional cost of producing one more unit; mathematically, MC=ΔTC/ΔLMC=ΔTC/ΔL
  2. 3. factors of production that can’t be easily increased or decreased in a short period of time
  3. 6. the sum of fixed and variable costs of production
  4. 7. variable cost divided by the quantity of output
  5. 8. opportunity cost of resources already owned by the firm and used in business, for example, expanding a factory onto land already owned
  6. 9. the average total cost curve in the short term; shows the total of the average fixed costs and the average variable costs
  7. 11. synonym for a firm’s output
  8. 12. factors of production that a firm can easily increase or decrease in a short period of time
Down
  1. 1. cost of production that increases with the quantity produced; the cost of the variable inputs
  2. 4. cost of the fixed inputs; expenditure that a firm must make before production starts and that does not change regardless of the production level
  3. 5. total cost divided by the quantity of output
  4. 10. period of time during which at least one or more of the firm’s inputs is fixed