Economics: Chap. 13

The Costs of Production

The Costs of Production

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Flashcards	12
Language	English
Category	Macro-Economics
Level	University
Created / Updated	26.05.2010 / 25.12.2011
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marginal product

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the increase in output that arises from an additional unit of input

diminishing marginal product

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the property whereby the marginal product of an input inclines as the quantity of the input increases

fixed costs

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costs that do not vary with the quantity of output produced (e.g. rent)

variable costs

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costs that vary with the quantity of output produced

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