Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 11

Behind the Supply Curve: Inputs and Costs

Production process of turning inputs into outputs
Production Function relationship between the quantity of inputs a firm uses and the quantity of output it produces
Fixed input an input whose quantity is fixed for a period and cannot be varied
Variable input an input whose quantity the firm can vary at any time
Short run period in which at least one input is fixed
Long run period in which all inputs can be varied
Total Product curve shows how the quantity of output depends on the quantity of the variable input for a given quantity of the fixed input
Marginal Product change in output resulting from one-unit increase in the amount of labor input ( change in Q/ change in L)
Fixed cost cost that does not depend on the quantity of output produced/cost of fixed input
Variable cost cost that depends on the quantity of output produced/ cost of the variable input
Total cost sum of fixed cost and variable cost -TC curve becomes steeper as more output is produced, a result of diminishing returns
Marginal cost change in total cost generated by one additional unit of output MC= change in TC/change in Q
Average Total Cost ATC= TC/Q
Average fixed cost ATC= FC/Q
Average variable cost ATC= VC/Q
The spreading effect the larger the output, the more output over which fixed cost is spread, leading to lower average fixed cost
The diminishing returns effect The larger the output, the more variable input required to produce additional units, which leads to higher average variable cost
Marginal cost is ___________ sloping because of diminishing returns upward
Average variable cost is ______ sloping but is _______ than marginal cost curve upward; flatter
Average fixed cost is _______ sloping because of the spreading effect downward
The marginal cost curve intersects the average total cost curve from below, crossing it at its _________ point lowest
Created by: kthomas96



Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards