Chapter 13 - The Costs of Production

Constant

________ returns to scale: the property whereby long- run average total cost stays the same as the number of output changes.

greek letter

The ________, ∆, or delta, represents the change in a variable.

Efficient scale

________: the quantity of output that minimizes average total cost.

Firm

________ cost curves don't show what decisions the ________ will make but they help determine that decision.

Production function

________: the relationship between the number of inputs used to make a good and the quantity of output of that good.