econ costs learning for charts

fixed cost

costs that don’t change with the amount produced

variable cost

costs that do change with the amount produced

total cost

fixed costs + variable costs

marginal cost

additional cost of producing one additional output

marginal cost formula

change in total cost / change in Q

average variable cost formula

variable cost / quantity

average fixed cost formula

fixed cost / quantity

average total cost formula

total cost / quantity

another way of getting average total cost

average fixed cost + average variable cost

how to find marginal cost from a graph

(total cost from that column - total cost from column above)/ change in Q