- Created by: Natan21
- Created on: 14-07-15 09:52
Fixed costs (FC)
Costs that are independent of output produced.
Variable costs (VC)
Costs that are directly dependent on output produced.
Total costs (TC)
Total cost of production or provision of a service.
Average costs (AC)
Unit cost of production at given output level.
Marginal costs (MC)
Cost of producing one additional unit.