a) Costs

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Last updated 11:24 PM on 3/4/26
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7 Terms

1
New cards

  • define total cost

  • state the formula for total cost

  • cost of producing all output

  • TC = TFC + TVC

2
New cards

  • define average total cost

  • state the formula for average total cost

  • cost of producing one unit of output

  • ATC = TC/Q

3
New cards

  • define marginal cost

  • state the formula for marginal cost

  • cost of producing one additional unit of output

  • MC = ΔTC/ΔQ

4
New cards

  • define fixed cost

  • define total fixed cost

  • define average fixed cost

  • cost that does not change depending on the level of output

  • fixed cost of producing all output

  • fixed cost of producing one unit of output

5
New cards

  • state the formula for total fixed cost

  • state the formula for average fixed cost

  • TFC = AFC × Q

  • AFC = TFC/Q

6
New cards

  • define variable cost

  • define total variable cost

  • define average variable cost

  • cost that changes depending on the level of output

  • variable cost of producing all output

  • variable cost of producing one unit of output

7
New cards

  • state the formula for total variable cost

  • state the formula for average variable cost

  • TVC = AVC × Q

  • AVC = TVC/Q