Across
- 2. The rate at which total output changes as the quantity of labor the firm uses is changed.
- 6. The firm’s total cost per unit of output when it has one or more fixed inputs.
- 7. The rate at which total revenue changes as the level of output changes.
- 10. A curve that shows the minimized total cost of producing a given quantity of output when at least one input is fixed.
- 11. Selling price times the quantity of product sold.
- 12. A curve that shows how total cost varies with output, holding input prices fixed, and choosing all inputs to minimize cost.
- 13. A production function. A total product function with a single input shows how total output depends on the level of the input.
- 15. A measure of the rate of percentage change of quantity demanded with respect to price, holding all other determinants of demand constant.
- 17. The market price and quantity at which quantity demanded equals quantity supplied in the short run.
- 18. A mathematical relationship that shows how total costs vary with the factors that influence total costs, including the quantity of output and the prices of inputs.
- 20. Price elasticity of demand equal to -1.
- 22. The firm’s total cost per unit of output. It equals long-run total cost divided by total quantity.
- 23. A function that measures the level of satisfaction a consumer receives from any basket of goods and services.
- 24. Total variable cost per unit of output.
- 25. A function describing the slope (or rate of change) of the dependent variable as the independent variable changes at any point on the function.
- 27. The rate at which total utility changes as the level of consumption changes.
- 28. Resources that are used to produce a good.
- 30. The period of time in which at least one of the firm’s input quantities cannot be changed.
- 31. A three-dimensional graph of a production function.
Down
- 1. The regionalong the total product function in which output rises with additional labor but at a decreasing rate.
- 3. Total fixed cost per unit of output.
- 4. Total revenue per unit of output.
- 5. A mathematical representation that shows the maximum quantity of output a firm can produce given the quantities of inputs that it might employ.
- 8. Price elasticity of demand equal to 0.
- 9. The average amount of output per unit of labor.
- 14. The rate at which long-run total cost changes as the level of output changes.
- 16. The slope of the short-run total cost curve.
- 19. The sum of expenditures on variable inputs, such as labor and materials, at the short-run cost-minimizing input combination.
- 21. The cost of fixed inputs; it does not vary with output.
- 26. The amount of a good or service produced by a firm.
- 29. Resources, such as labor, capital equipment, and raw materials, that are combined to produce finished goods.