Microeconomics - Chapter 10 Take Home Quiz

Microeconomics - Chapter 10 Take Home Quiz - Econ112...

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Econ112 – Principles of Microeconomics Spring 2008 Take – Home Quiz / Assignment on Chapter 10 Prof. Maria I. Ramirez Chapter 10: Technology, Production, and Costs Define the following terms: 1. Technology – The process a firm uses to turn inputs into outputs of goods and services. 2. Technological change – A change in the ability of a firm to produce a given level of output with a given quantity of inputs. 3. Short run – The period of time during which at least one of the firm’s inputs is fixed. 4. Long run – A period of time long enough to allow a firm to vary all of its inputs, to adopt new technology, and to increase or decrease the size of its physical plant. 5. Total cost – The cost of all the inputs a firm uses in production. 6. Variable costs – Costs that change as output changes. 7. Fixed costs – Costs that remain constant as output changes. 8. Explicit cost – A cost that involves spending money. 9.
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This note was uploaded on 05/02/2008 for the course ECON 112 taught by Professor Ramirez during the Spring '08 term at E. Stroudsburg.

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Microeconomics - Chapter 10 Take Home Quiz - Econ112...

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