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Costs of Production

Prof. A Sagar Reddy @ RK Business School

1Implicit Cost _____The increase in output that arises from an additional unit of input
2Explicit Cost _____Input costs that do require an outlay of money by the firm
3Economic Profit _____The relationship between quantity of inputs used to make a good and the quantity of output of that good
4Accounting Profit _____The quantity of output that minimizes average total cost
5Efficient Scale _____Total revenue minus total explicit cost
6Production Function _____Total revenue minus total cost, including both explicit and implicit costs
7Marginal Product _____The property whereby the marginal product of an input declines as the quantity of the input increases
8Diminishing Marginal Product _____Input costs that do not require an outlay of money by the firm
9Fixed Costs _____Costs that do not vary with the quantity of output produced
10Variable Costs _____Costs that do vary with the quantity of output produced

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