F584: Costs 3.0 / 5 based on 1 rating ? EconomicsCompetitive marketsA2/A-levelOCR Created by: Natan21Created on: 14-07-15 09:52 Fixed costs (FC) Costs that are independent of output produced. 1 of 5 Variable costs (VC) Costs that are directly dependent on output produced. 2 of 5 Total costs (TC) Total cost of production or provision of a service. =FC+VC 3 of 5 Average costs (AC) Unit cost of production at given output level. =TC/Output 4 of 5 Marginal costs (MC) Cost of producing one additional unit. =Qn+1 –Qn=MC 5 of 5
Average costs, variable costs, fixed costs, total costs 5.0 / 5 based on 1 rating Teacher recommended
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