ECON 200 Lecture 20: Econ 200,University of Arizona,Readings-Notes(p20)
Thursday, August 24, 2017
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- fixed costs - costs that do not vary with the quantity of output produced i.e rent accountant
salary etc.
- variable costs - costs that vary with the quantity of output produced i.e cost of inputs
- A firm’s total cost is the sum of fixed and variable costs
- average total cost - total cost divided by the quantity of output
- Average fixed cost - fixed cost divided by the quantity of output
- average variable cost - variable cost divided by the quantity of output
- marginal
cost -
the increase
in total
cost that
arises
from an extra unit of production
-
-
-
- delta represents change
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ECON 200 Full Course Notes
Verified Note
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