Costs of Production

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