When an economist talks about total cost, they include:

An economic profit is usually:

Which of the following would be considered to be a short-run adjustment?

The main difference between the short-run and the long-run is:

We calculate marginal product by:

Variable cost is:

If you ran a day care facility, which of the following would be a short-run variable cost?

If we take ATC and subtract AVC, we would get:

Let's assume that in the short run a firm is producing 100 units of output, that they have average total costs of $1000, and average variable costs of $900. The firm's total fixed costs are:

If everything else is held constant, if a firm's variable inputs increase,

Let's assume that a firm is losing money, so they decide not to produce anything in the short run. The firms costs would be:

In the short-run, Wednesday's Widgets is producing 100 units of output. It's average variable costs are $10 and average fixed costs are $0.75. Its total costs are:

Let's assume that a new employee training program increases labor productivity. We would expect

Firms experience diseconomies of scale primarily due to:

A local corporation increases it's inputs by 7% and gets a 5% increase in product. The firm is operating under:

A firm increases it's inputs by 12% and output increases by 12%. The firm is operating under:

A firm increases all it's inputs by 6% and output increases by 8%. The firm is operating under:

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