In short-run production analysis, a firm's costs exhibit distinct graphical shapes and mathematical properties. Match each cost concept in Column I with its corresponding characteristic behavior or definition in Column II.
- Average Fixed Cost ()Continually declines as output increases, approaching the horizontal axis asymptotically.
- Marginal Cost ()Measures the addition to total cost resulting from producing one extra unit of output ().
- Total Fixed Cost ()Remains constant at all levels of output, represented graphically by a horizontal straight line.
- Average Variable Cost ()Calculated as total variable cost divided by output (), forming a U-shaped curve due to laws of returns.
Cevap
Average Fixed Cost () matches with 'Continually declines as output increases, approaching the horizontal axis asymptotically'; Marginal Cost () matches with 'Measures the addition to total cost resulting from producing one extra unit of output ()'; Total Fixed Cost () matches with 'Remains constant at all levels of output, represented graphically by a horizontal straight line'; Average Variable Cost () matches with 'Calculated as total variable cost divided by output (), forming a U-shaped curve due to laws of returns'.
Each short-run cost concept possesses distinct mathematical properties and graphical shapes: Total Fixed Cost remains unchanged regardless of production volume, Average Fixed Cost decreases continuously as output expands, Marginal Cost quantifies the cost change per additional unit produced, and Average Variable Cost follows a U-shape derived from output-divided variable expenditures.
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Short-Run Cost Concepts and Curves
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