Can you please assist in answering the following economic terms each statement below.
The costs of production that require monetary payment:
A period too brief for some production inputs to be varied:
Occur in an output range where LRATC rises as output expands:
The total amount of output of a good produced by the firm:
The change in total output of a good that results from a one-unit change in input:
Total revenues minus total explicit costs:
The sum of the firm’s fixed costs:
The sum of the firm’s total fixed costs and total variable costs:
The opportunity costs of productions that don’t require monetary payment:
A per-unit measure of fixed costs; fixed costs divided by output:
Occur in an output range where LRATC falls as output increases:
Costs that have been incurred and cannot be recovered:
The relationship between the quantity of inputs and the quantity of outputs:
The difference between total revenues and total costs:
A per-unit cost of operation; total cost divided by output:
Costs that do not vary with the level of output:
A period over which all production inputs are variable: