www.bbcnoun.com.ng ECO232 8/10 1. A change in total revenue for a unit change in quantity sold is referred to as Marginal revenue 2. A line showing all combinations of two inputs that can be bought for a given budget and a given set of prices is referred to as ______ Isocost 3. A downward sloping isoquant is said to be _____ to the origin Convex 4. Total Variable Cost + Total Fixed Cost = Short-run Total Cost 5. Marginal Revenue Elasticity = P(1 - 1/e) 6. Price X Quantity is referred to as ______ Marginal revenue 7. Elasticities at a particular point on the demand curve is referred to as Point elasticity 8. A reduction in price will reduce total revenue when the demand is ______ Inelastic 9. In an Edgeworth box the locus of points is known as ___ Contract Curve 10. When elasticity is elastic, marginal revenue is ______ Zero