costs of production

Question 1

what is the difference between fixed and variable costs

Answer 1

fixed costs is when the cost doesn’t vary with output but variable is when the cost varies w output

Question 2

what is the difference between marginal, average and total returns

Answer 2

marginal returns is the additional benefit when added one extra unit
whereas average return is when u get an overall output per unit of input and total returns is the overall benefit without taking into account input