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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

Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?

To determine

What costs are measured on per unit basis: Fixed costs, average costs, average variable cost, variable cost and marginal cost?

Explanation

Fixed Cost: is the cost which remains fixed irrespective of the level of production.

For example: rent, insurance premium.

Marginal cost:  is different from both average total cost and average variable cost. It is the additional cost of producing one more unit of output. So it is not the cost per unit of all units being produced, but only the next one (or next few)...

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