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Using the Total Cost Curve to Make Production Decisions in the Short-Run

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of these is the total cost?

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1. Which of these is a variable cost?

2. Why does the variable cost curve rise quickly at first?

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About This Quiz & Worksheet

This quiz and worksheet combo will test your knowledge of key terms related to the total cost curve. For the quiz, you'll also need to know about how each of the terms is represented on the curve.

Quiz & Worksheet Goals

These assessment tools will test you on the following terms:

  • Total cost
  • Fixed cost
  • Variable cost

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related total cost curve lesson
  • Making connections - use understanding of the concept of costs in different contexts
  • Interpreting information - verify that you can read information regarding the total cost curve and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about total, fixed, and variable costs

Additional Learning

To learn more about the total cost curve and how it is used, review the accompanying lesson, Using the Total Cost Curve to Make Production Decisions in the Short-Run. The lesson highlights the following objectives:

  • Differentiate between different types of costs
  • Learn how you would calculate total cost
  • Identify which types of costs would include overhead
  • Find out which costs are related to the amount of goods produced
  • Identify each type of cost on a sample total cost curve graph
  • Describe how a producer could use the total cost curve to price products
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