Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050



Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

This chapter discusses many types of costs: opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cost. Fill in the type of cost that best completes each sentence:

a. What you give up in taking some action is called the ________.

b. ________ is falling when marginal cost Ls below it and rising when marginal cost is above it.

c. A cost that does not depend on the quantity produced is a(n) ________.

d. In the ice-cream industry in the short run, ________ includes the cost of cream and sugar but not the cost of the factory.

e. Profits equal total revenue minus ________.

f. The cost of producing an extra unit of output is the _________.

To determine
Fixed cost, variable cost, total cost, opportunity cost, average total cost and marginal cost.


Option (a): When you give something up to get some action is called an opportunity cost.

Option (b): When the marginal cost is below the average total cost, then the latter is falling; it increases when the marginal cost is above it.

Option (c): Fixed cost is the cost which does not depend on the quantity produced or sold...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

How does capitalism differ from socialism and communism?

Foundations of Business (MindTap Course List)

Discuss the similarities and differences between the discounted dividend and corporate valuation models.

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

INCOME STATEMENT Little Books Inc. recently reported 3 million of net income. Its EBIT was 6 million, and its t...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

(a) What kind of an account is Purchases Discounts Lost? (b) How is this item reported on the income statement?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)