Costs Flashcards
1
Q
What are fixed costs
A
Those that remain unchanged in the short run despite changes in output
e.g. rent
2
Q
What are Variable costs
A
Rise and fall as the level of output changes
e.g. raw materials
3
Q
What are Total Costs
A
The sum of both fixed and variable costs at any given level of output
3
Q
What are Total Costs
A
The sum of both fixed and variable costs at any given level of output
