Principles of Microeconomics 12th ed., Ch 8 - Custom Scholars
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# Principles of Microeconomics 12th ed., Ch 8

question
total fixed costs (TFC)
Costs that do not depend on the quantity of output produced. These must be paid even if output is zero.
question
total variable cost (TVC)
costs that vary with the level of output
question
total cost (TC)
the total economic cost of all the inputs used by a firm in production
TC= TFC+TVC
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average fixed costs (AFC)
fixed costs per unit of output
AFC= TFC/q
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average variable costs (AVC)
variable cost per unit of output
AVC= TVC/q
question
average total cost (ATC)
total cost per unit of output
ATC= TC/q, ATC= AFC+AVC
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marginal costs (MC)
the increases in total cost that results from producing 1 additional unit of output
MC= ∆TC/∆q
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question
total fixed costs (TFC)
Costs that do not depend on the quantity of output produced. These must be paid even if output is zero.
question
total variable cost (TVC)
costs that vary with the level of output
question
total cost (TC)
the total economic cost of all the inputs used by a firm in production
TC= TFC+TVC
question
average fixed costs (AFC)
fixed costs per unit of output
AFC= TFC/q
question
average variable costs (AVC)
variable cost per unit of output
AVC= TVC/q
question
average total cost (ATC)
total cost per unit of output
ATC= TC/q, ATC= AFC+AVC
question
marginal costs (MC)
the increases in total cost that results from producing 1 additional unit of output
MC= ∆TC/∆q

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