Concept Introduction:
This is a situation that prevails in the market where there are numerous buyers and sellers. When a market is in perfect competition, the price of a product cannot be influenced by a single buyer or seller.
This refers to the variable cost per unit at a particular level of production. It shall be calculated as follows:
This refers to the total cost per unit which includes both fixed and variable cost at a particular level of production. It shall be calculated as follows:
Concept Introduction:
Perfect Competition:
This is a situation that prevails in the market where there are numerous buyers and sellers. When a market is in perfect competition, the price of a product cannot be influenced by a single buyer or seller.
Average Variable Cost:
This refers to the variable cost per unit at a particular level of production. It shall be calculated as follows:
Average Total Cost:
This refers to the total cost per unit which includes both fixed and variable cost at a particular level of production. It shall be calculated as follows:
Concept Introduction:
Perfect Competition:
This is a situation that prevails in the market where there are numerous buyers and sellers. When a market is in perfect competition, the price of a product cannot be influenced by a single buyer or seller.
Average Variable Cost:
This refers to the variable cost per unit at a particular level of production. It shall be calculated as follows:
Average Total Cost:
This refers to the total cost per unit which includes both fixed and variable cost at a particular level of production. It shall be calculated as follows:
Concept Introduction:
Perfect Competition:
This is a situation that prevails in the market where there are numerous buyers and sellers. When a market is in perfect competition, the price of a product cannot be influenced by a single buyer or seller.
Average Variable Cost:
This refers to the variable cost per unit at a particular level of production. It shall be calculated as follows:
Average Total Cost:
This refers to the total cost per unit which includes both fixed and variable cost at a particular level of production. It shall be calculated as follows:
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