Cost refers to _____.

(a)

Price 

(b)

value

(c)

fixed cost

(d)

cost of production

Cost functions are also known as _____ function.

(a)

production

(b)

investment

(c)

demand

(d)

consumption

Money cost is also known as _____ cost.

(a)

explicit

(b)

implicit

(c)

social

(d)

real

Explicit cost plus implicit cost denote _____ cost.

(a)

social

(b)

economic

(c)

money

(d)

fixed

Explicit costs are termed as

(a)

out of pocket expenses

(b)

real cost

(c)

social cost

(d)

sunk cost

Define cost.

What do you mean by fixed cost?

Explicit Cost - Define.

Distinguish between fixed cost and variable cost.

Distinguish between explicit cost and implicit cost.

State the relationship between AC and MC.

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

Discuss the short run cost curves with suitable diagram.