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Ag Econ Quiz

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1. Average Variable Cost (AVC)




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2. Average Cost (AC)




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3. Average Fixed Cost (AFC)




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4. Economic Profit




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5. Marginal Cost (MC)




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6. Total Cost Curve




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7. Production Function




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8. Isoquant




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9. Short-run market supply curve




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10. Average cost curve




Select the Question that corresponds to the displayed Answer.
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11. 1)production function 2)Isoquant 3)Product Transformation Curve 4)Total Cost Curve 5) Average Cost Curve 6)Marginal Cost Curve




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12. AP: output divided by units of capital (workers) AVC: variable cost divided by level of output




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13. All firms are maximizing profit. No firm incentive for enter and exiting. QS = QD




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14. long run average cost is rising




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15. q: production function. Output on y axis and labor on x axis. Upward arch. TVC: total variable cost. $ on y axis, output on x axis. U curve.




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16. shows the extent to which hours of labor needed/unit of output fall as the cumulative output increases




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17. Exist when long run average cost is declining




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18. Shows the least cost input bundles for each level of output when all inputs can varied




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19. If p>AVC, then a portion of fixed costs are covered. If p<AVC, firm should shutdown.




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20. MP: extra output produced by one more unit of an input. MC: is the cost of that extra unit of output





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