Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Match the following terms with their corresponding denitions ' V Total fixed costs A- Time enough to change all of the resources for production '
Match the following terms with their corresponding denitions ' V Total fixed costs A- Time enough to change all of the resources for production ' V Total variable costs 3' Costs that don't change as the level of production increases or decreases V Labor productivity C- "otal fixed cost divided by the quantity produced ' V Total Costs D- Addition to output from each additional worker diminishes ' V Average Total Cost 5 "otal fixed costs plus total variable costs ' V Average Fixed Cost F- Average Fixed Cost plus average variable cost ' V Average Variable Cost . 6- Costs per unit ofoutput that are constant as the scale of production ' V Marginal Cost increases. _ v . Economies 0f Scale H- The addition to total cost from producing one more unit _ v . . Diseconomles of Scale I. Output per worker per hour v Constant Returns to Scale l- Costs that var).r with level of production v Short Run K- "otal variable cost divided by the quantity produced v Long Run l-' "ime enough to change only some of the resources for production M'Decreases in average cost that accompany increases in scale of output
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started