The total fixed costs, the total variable costs and the total marginal costs at a given output.
Concept Introduction:
Total fixed cost: It is the sum of all fixed cost for producing the output. The TFC doesn’t change with output. It is the cost on building, plant and machinery etc...
TFC=
Total variable cost: It is the sum of all variable cost in the economy; the variable cost varies with the level of output.
TVC
Total cost: Total cost is the sum of both total variable cost and total fixed cost.
Marginal cost: It is the additional cost derived from producing an additional unit of the commodity.
MC=
Trending nowThis is a popular solution!
Chapter 22 Solutions
MyLab Economics with Pearson eText -- Access Card -- for Economics Today: The Micro View
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education