Microeconomics- individual Economic decision making Flashcards
1
Q
what graph is this
A
Average fixed cost graph
2
Q
total fixed cost (TFC)
A
cost independent of output e.g paying for factory
3
Q
Marginal cost (MC)
A
the cost of producing an extra unit of output
4
Q
Total variable cost (TVC)
A
cost involved in producing more units, which in this case is the cost of employing workers
