Definitions L3 Flashcards by Rupert Gittins

Q

ATC

A

average total cost - total cost divided by the quantity produced often called average cost(AC) or unit cost

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

MC

A

Marginal cost- the cost of producing one more unit of output

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

AFC

A

average fixed cost- fixed cost divided by the quantity produced

How well did you know this?

1

Not at all

2

3

4

5

Perfectly