Chapter 13 - The Costs of Production

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Last updated 4:08 PM on 4/5/22
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6 Terms

1
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Constant
________ returns to scale: the property whereby long- run average total cost stays the same as the number of output changes.
2
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greek letter
The ________, ∆, or delta, represents the change in a variable.
3
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Efficient scale
________: the quantity of output that minimizes average total cost.
4
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Firm
________ cost curves don't show what decisions the ________ will make but they help determine that decision.
5
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Production function
________: the relationship between the number of inputs used to make a good and the quantity of output of that good.
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