Illustrates terms total cost, average cost and marginal cost
Illustrates the terms total cost, average cost and also marginal cost?
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Total cost:
It implies the sum of total fixed cost and total variable cost. Conversely, this is the aggregate money cost of production of commodity.
Average cost:
It is the cost per unit of output. It is total cost divided through number of units produced:
Average cost = total average fixed cost + total average variable cost
Marginal cost:
It is the additional cost to total cost while an additional unit is produced.
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