short run cost

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5 Terms

1
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Fixed cost (overhead costs)

Costs that do not fluctuate with the level of production or sales. Examples include rent, insurance, and salaries.

2
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Variable cost(running costs)

are costs that vary with the level of production

3
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TOTal cost

Tvc+Tfc

4
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AFC and AVC

TFC/Q and TVC /Q

5
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AC OR ATC

TFC +TVC/Q OR AFC+AVC