Puzzle

4. Geometric representation of the same level of output that can be produced by various combinations of factor inputs.
6. Any goods or services that comes out of production process.
7. No profit, no loss condition.
10. Exchange of goods or services in terms of money.
11. When scale of production increases beyond a particular limit it leads to certain disadvantages.
13. level of output where the firm is maximizing its profits and therefore has no tendency to change its output.
15. time period during which all factors of production can be varied.

1. Cost of production of an additional unit or an extra unit.
2. Cost that changes with the output.
3. The functional relationship between inputs and output.
5. Cost incurred due to loss of earning or opportunity forgone.
8. Those expenses which are actually paid by the firm.
9. Cost which does not change with output.
12. Period of time over which the amount of some inputs called fixed factors cannot be changed.
14. Any goods or services that goes into the process of production.