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Java Games: Flashcards, matching, concentration, and word search. |
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Cost and Product IV
Totals, marginals, averages, fixed & variable: Ten terms total; tell them apart here. (You will have to play different versions, or play a few times, to find all ten.)
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| A | B |
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| Total Cost | ATC x Q |
| Total Fixed Cost | When Q = 0, TC = this |
| Total Variable Cost | When Q = 0, this = $0 |
| Average Total Cost | This tells you the size of your plant or factory |
| Average Fixed Cost | As output increases, this always falls |
| Average Variable Cost | It's usually U-shaped, and gets closer and closer to ATC as Q rises |
| Marginal Cost | It rises whenever Marginal Product falls |
| Total Product | Another word for this is "output" |
| Average Product | This, times the number of inputs hired, equals Total Product |
| Marginal Product | The amount of output added when an additional unit of input is hired |
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Saddleback College |
| Mission Viejo, CA |
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