Across
- 4. As more of a variable resource is added to a given amount of other resources, marginal product eventually declines and could become negative
- 9. product The total output of the firm per period
- 10. A curve, or line, showing the quantities of a particular good supplied at various prices during a given time period, other things constant
- 11. The quantity of a good supplied during a given time period is usually directly related to its price, other things constant
- 12. cost equals total cost divided by output
- 14. indicates how responsive producers are to a change in price.
- 15. The total output of the firm per period
Down
- 1. Any production cost that changes as output changes
- 2. A period during which all of a firm’s resources can be varied
- 3. Any production cost that is independent of the firm’s output
- 5. The change in total revenue from selling another unit of the good
- 6. A period during which at least one of a fmir’s resources is fixed
- 7. A relation showing the quantities of a good producers are willing and able to sell at various prices during a given period, other things constant
- 8. The change in total cost resulting from a one-unit change in output; the change in total cost divided by the change in output, or quantity
- 13. equals total revenue minus total price