Cost functions are also known as _____ function.

(a)

production

(b)

investment

(c)

demand

(d)

consumption

Identify the formula of estimating average variable cost.

(a)

TC/Q

(b)

TVC/Q

(c)

TFC/Q

(d)

TAC/Q

The cost per unit of output is denoted by _____ cost.

(a)

average

(b)

marginal

(c)

variable

(d)

total

Find total fixed cost where TC = 500 and TVC= 100.

(a)

100

(b)

200

(c)

300

(d)

400

_____ is the summation of explicit and implicit costs.

(a)

Sunk Cost

(b)

Prime Cost

(c)

Economic Cost

(d)

Variable Cost

Define cost.

Define Revenue.

What is meant by sunk cost?

Write a short note on floating cost.

Define Opportunity cost?

Distinguish between explicit cost and implicit cost.

Discuss the Long run cost curves with suitable diagram.

Explain the concept of 'cost minimization!

Distinguish between Economic cost and Social cost.

State the significant recent development in cost theory.

If total cost = 10+ Q³, find out AC, AVC, TFC, AFC when Q = 5.

Discuss the short run cost curves with suitable diagram.

If the total cost = 100 + Q³, find out AVC, AC, TFC, AFC and TVC when Q = 10.

Bring out the relationship among TR, AR, MR curves and elasticity of demand.