Unit Cost Curves in Short Run, Assignment Help, Homework Help
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Unit Cost Curves in Short Run
9.2.1 Average Fixed Cost (AFC)
There is inverse relation between output and AFC i.e. when output increases AFC falls and vice-versa.
AFC = TFC/ Q (Units of output)
9.2.2 Average Variable Cost (AVC)
It is obtained by dividing Total Variable Cost by output.
AVC = TVC/Q (Units of output)
9.2.3 Average Total cost (ATC) or Average cost (AC)
There are two methods for obtaining Average Total cost (ATC).
First method; ATC = TC/Q
Second method; ATC = AFC + AVC
9.2.4 Marginal Cost (MC)
MC can be termed as the rise in total cost due to one unit increment in output.
MC = ΔTC /ΔQ
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