Reference no: EM13831074

Can you please assist in answering the following economic terms each statement below.

The costs of production that require monetary payment:

A period too brief for some production inputs to be varied:

Occur in an output range where LRATC rises as output expands:

The total amount of output of a good produced by the firm:

The change in total output of a good that results from a one-unit change in input:

Total revenues minus total explicit costs:

The sum of the firm’s fixed costs:

The sum of the firm’s total fixed costs and total variable costs:

The opportunity costs of productions that don’t require monetary payment:

A per-unit measure of fixed costs; fixed costs divided by output:

Occur in an output range where LRATC falls as output increases:

Costs that have been incurred and cannot be recovered:

The relationship between the quantity of inputs and the quantity of outputs:

The difference between total revenues and total costs:

A per-unit cost of operation; total cost divided by output:

Costs that do not vary with the level of output:

 

A period over which all production inputs are variable: