ECONOMICS

2. always less than the total cost except on the first unit
3. The only cost that can be zero
4. It is a type of product which can be used to check the number of units produced in a production unit
6. Ask for sacrifice made
8. When a firm attains this type of profit, then we can conclude that the firm is performing very well
9. In the accounting sense, it is the disposable income
12. Easy to identify, audit and record due to it's paper trial
14. This revenue follows the law of diminishing returns
16. Useful for computing the projected amount of revenue that sales will bring in
17. this cost is not in the company's hands to change
18. Only meant for internal uses, businesses can use to determine to enter or stay in a particular market
20. Important to keep track of this cost because it has the tendancy to hide itself without being noticed

1. It is closely tied with Total product and height of TP is at max when it is equal to 0
5. It is an inverted U-shaped curve which has all the products under it
7. cost that can't be recovered
10. I am the income of a firm inconsiderate of the expenses incurred
11. This is a type of profit and it shows that a firm has attained its break-even point
13. If you know this cost, you know how much you need to make to keep the lights on
15. It is a scale which can be used to find the minimum point to achieve the economies of scale for a firm
19. to know the price of the product or asset is easy but this provides the info about hidden cost