Which is the correct formula for the total cost of production?Note: TC is total Cost, AFC is average fixed cost, AVC is average variable cost, MC is marginal cost, TVC is total variable cost, TFC is total fixed cost, and Q is output. PLEASE EXPLAIN THE ANSWER A. TC = (AFC + AVC) (Q) B. TC = TVC + TFC C. TC = (MC)(Q) D. A and B are correct E. A, B and C are correct
Which is the correct formula for the total cost of production?Note: TC is total Cost, AFC is average fixed cost, AVC is average variable cost, MC is marginal cost, TVC is total variable cost, TFC is total fixed cost, and Q is output. PLEASE EXPLAIN THE ANSWER A. TC = (AFC + AVC) (Q) B. TC = TVC + TFC C. TC = (MC)(Q) D. A and B are correct E. A, B and C are correct
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter21: Production And Costs
Section: Chapter Questions
Problem 9WNG
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Which is the correct formula for the total cost of production?Note: TC is total Cost, AFC is average fixed cost, AVC is average variable cost , MC is marginal cost, TVC is total variable cost, TFC is total fixed cost, and Q is output. PLEASE EXPLAIN THE ANSWER
A. TC = (AFC + AVC) (Q)
B. TC = TVC + TFC
C. TC = (MC)(Q)
D. A and B are correct
E. A, B and C are correct
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