1. Problems and Applications Q1 This chapter discusses many types of costes opportunity cost, total cost, fixed cost, variable cost, average total cost, and marginal cont. Fil in the fype? of cost that bert complutes each sontenion. What rou give up for taking some action is called the is falfing. When margiral cost is beleiw it and elsing when maroinal cost is abeve it. A cost that does not depend on the quantity produced is. th the ice-qram lectustry in the short rury, includes the cost of cream and sugar but not the cost of the factory. Profits equal total rovenae minus The cont of producing als extra urit of putput is the