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what is tvc in economics
Assume a firm closes down in the short run and produces no output. Under these conditions:
a. TFC, TVC, and TC will all be positive.
b. TFC and TC are positive but TVC is zero.
c. TFC is positive but TVC and TC are zero.
d. TVC is positive but TFC and TC are zero.
Use the following information to determine the total fixed costs (TFC), total variable costs (TVC), average fixed costs, (AFC) average variable costs (AVC), and marginal costs (MC).Ā
Ā