Costs

cost per unit of output

fixed cost divided by the quantity of output

total cost divided by the quantity of output; the sum of average fixed and average variable costs

variable cost divided by the quantity of output

occurs when long-run average total cost remains the same as output increases

occurs when long-run average total cost rises as output rises

the sum of explicit and implicit (opportunity) costs

occurs when long-run average total cost falls as output rises

a cost involving monetary payment

the cost of fixed inputs; does not change as output changes

a cost that does not require the buyer to pay cash, or that cannot easily be assigned a monetary value

the observation in the short run that each additional unit of a production input, holding all other inputs fixed, will yield progressively smaller increases in output

the minimum per-unit cost of producing any level of output when all inputs are variable

the minimum cost of producing any level of output when all inputs are variable

the additional cost that a firm incurs by producing an additional unit of output, which must be covered in order to remain operational in the short run

the period in which at least one productive input is fixed

the sum of a firm's fixed and variable costs

the cost of variable inputs; changes as output changes