chapter 6

Question 1

what is physical capital

Answer 1

any good, şncluding machines and buildings, used for production

Question 2

what is short and long run

Answer 2

kısa ve uzun vade

Question 3

what is variable factor of production

Answer 3

input that can be changed in a certain level of time. that changes if the level of output changes. short run. labor.

Question 4

what is fixed factor of production

Answer 4

input that can not be changed in the short run and stays the same, regardless of how much output is produced. physical capital.

Question 5

what is marginal product

Answer 5

is the change in total output associated with using one more unit of input.

Question 6

what is total cost

Answer 6

TC=variable cost+ fixed cost

Question 7

wha tit marginal cost

Answer 7

change in total cost/change in output

Question 8

ATC/AVC/AFC

Answer 8

TC/Q=VC/Q+FC/Q – Q. total output

Question 9

what is total revenue

Answer 9

TR=Price*Quantity Sold

Question 10

how to calculate profit

Answer 10

profit=TR-TC

Question 11

how to calculte price elastic of supply

Answer 11

percentage change in quantity supplied/percentage change in price

Question 12

when does the shutdown occur

Answer 12

if price falls below ;AVC