# Average costs, variable costs, fixed costs, total costs

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- Created by: Jade
- Created on: 17-11-12 14:20

## Other questions in this quiz

## 2. What is the equation for total cost?

- Total cost = Fixed cost + Variable cost
- Total cost = Fixed cost/ Variable cost
- Total cost = Variable cost/Fixed cost

## 3. On typical short run cost curves, which cost curve runs through the lowest point of both average variable cost curve and average cost curve?

- Average total cost curve
- Marginal cost curve
- Average fixed cost curve

## 4. What is average cost and the equation?

- Average cost is the unit cost of production. Average cost = Total cost/quantity
- Average cost is the change in total cost that occurs when output is changed by one unit. Average cost = Quantity/total cost
- Average cost is the unit cost of production. Average cost = Total cost x quantity

## 5. What is marginal cost?

- Marginal cost is the change in total cost that occurs when output is changed by one unit.
- Marginal cost is the unit cost of production.
- Marginal cost are costs that vary directly with output produced.

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