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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What shapes would you generally expect each of the following cost curves to have: fixed costs, variable costs, marginal costs, average total costs, and average variable costs?

To determine

What shapes would you expect each of the following cost curves to have:

Fixed cost, Variable Cost, Marginal Cost, Average Total Cost and Average variable cost?

Explanation

Fixed Cost: are the costs that remains fixed irrespective of the level of production.

Shape of fixed is as follows:

Variable Cost: are costs that vary with the level of production.

Average total cost  :( is simply referred as average cost) is calculated by dividing the total cost by the quantity of output.

ATC=TCN

Where,

ATC = Average Total cost

TC = Total Cost

N = Quantity of output

Average variable cost : is known as the average of the variable cost so it is calculated by dividing the variable cost by quantity of output

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