a) Costs
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7 Terms
define total cost
state the formula for total cost
cost of producing all output
TC = TFC + TVC
define average total cost
state the formula for average total cost
cost of producing one unit of output
ATC = TC/Q
define marginal cost
state the formula for marginal cost
cost of producing one additional unit of output
MC = ΔTC/ΔQ
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
state the formula for total fixed cost
state the formula for average fixed cost
TFC = AFC × Q
AFC = TFC/Q
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
state the formula for total variable cost
state the formula for average variable cost
TVC = AVC × Q
AVC = TVC/Q
