12. What is a production function?

13. What is the difference between a fixed input and a variable input?

14. How do we calculate marginal product?

15. What shapes would you generally expect a total product curve and a marginal product curve to have?

16. What are the factor payments for land, labor, and capital?

17. What is the difference between fixed costs and variable costs?

18. How do we calculate each of the following: marginal cost, average total cost, and average variable cost?

19. What shapes would you generally expect each of the following cost curves to have: fixed costs, variable

costs, marginal costs, average total costs, and average variable costs?

20. Are there fixed costs in the long-run? Explain briefly.

21. Are fixed costs also sunk costs? Explain.

22. What are diminishing marginal returns as they relate to costs?

23. Which costs are measured on per-unit basis: fixed costs, average cost, average variable cost, variable

costs, and marginal cost?
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