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Game based on Production and Costs: Master

Select the correct pair from the options listed on the left and right side of the board. To complete the game you need to keep selecting the correct pairs and clear the board.

Definitions:
Marginal Product (MP) is defined as, Average Product , Capital intensive , Average fixed cost , Long run average cost curve shows, Fixed factor of production online learning games , Short run is the planning period in which, Decreasing marginal returns: Additional unit , Long run is the planning period in which , Total fixed cost , Industries with diseconomies of scale at relatively low output levels, Marginal Cost (MC), Average variable cost , Firms , Constant returns to scale , Industries with economies of scale over wide range of output , Diseconomies of scale , Economies of scale build your own quiz , A firm’s ability to exploit economies of scale is limited by , Downward-sloping region of a firm’s LRAC curv curve build your own quiz , Total variable cost , Output range over which firms face varied returns to scale, Negative marginal returns: Additional unit , Horizontally-flat region of the firm’s LRAC curve, Average Total Cost, Graph of Production function shows, Increasing marginal returns: Additional unit , Variable factor of production , Upward-sloping region of a firm’s LRAC curv curve, Slope of Short-run total cost curve shows a firm%27s, Marginal product for a firm can be compared to ___ of consumer web 2.0 , Marginal product equals, When the factor mix is at equilibrium, Total cost (TC), Average total cost (ATC) tool for teachers ,

Answers:
Long run average cost declines as the firm expands its output, Long run average cost increases as firm expands its output, is associated with diseconomies of scale for the firm, All factors of production are considered as variable, Total variable cost divided by quantity (TVC/Q), is a key indicator of how many firms will survive in a market, a firm produces the greatest possible output for a given cost , Cost that does not vary with output, Cost that varies with the level of output, Sum of total variable cost and total fixed cost i.e. TVC %2b TFC, of variable factor adds more to total output than previous unit results , Output per unit of variable factor, is associated with the firm%27s constant returns to scale, Organizations that produce goods and services, Quantity can be changed in a particular period, the firm%27s lowest cost per unit at each level of output, factors of production X-axis %26 output quantity on Y-axis results history , One or more factors of production is/are fixed in quantity, Total fixed cost divided by quantity (TFC/Q), the extent of market demand for its products, Long run average cost stays the same over an output range, of variable factor adds less to total output than previous unit, Quantity cannot be changed during a particular period, Amount by which output rises with an additional unit of variable factor computer assisted language learning , firm has a high ratio of capital to labor, are likely to have large numbers of fairly small firms , Marginal utility, Total cost divided by quantity (TC/Q), of a variable factor reduce total output. online quizzes , Slope of the total product curve test , is associated with economies of scale for the firm, increasing, decreasing and negative marginal return. decreasing marginal return , are likely to have a few large firms instead of many small ones online learning games , Change in TC divided by Change in Quantity online learning games , AVC %2b AFC,