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3.2: Production Costs in the Short and Long Runs
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AP Microeconomics notes from Unit 3, Section 1: These notes cover the short-run and long-run in economics, production costs, and types of economic costs.
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Some examples from this set of practice questions
1.
Describe the \"short-run\" in economics.
Answer: The period in which at least one resource is fixed
2.
Describe the \"long-run\" in economics.
Answer: The period in which all resources are variable
3.
List the types of total costs.
Answer: Total costs, total fixed costs, and total variable costs
4.
List the types of per-unit costs.
Answer: Average total costs, average fixed costs, average variable costs, and marginal cost
5.
What is a fixed cost?
Answer: The cost for fixed resources that don’t change with the amount produced
6.
What is a variable cost?
Answer: The cost for variable resources that do change with the amount produced
7.
What is the total cost?
Answer: The sum of fixed and variable costs
8.
What is the marginal cost?
Answer: The additional costs of an additional output
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