Q1. Define the term cost. Explain how would you describe the economic cost?
Q2. Describe the idea of TFC. Write down two illustrations.
Q3. Illustrate the two illustrations of TVC and describe the same.
Q4. Explain why does the TVC curve begin from the origin?
Q5. Illustrate that the total cost curve based positively on output.
Q6. Explain why is the TC curve concavo-convex?
Q7. Does the TC curve always begin from the origin?
Q8. Define the term AFC and AVC with proper sketches and illustrations.
Q9. Why can’t the AFC curve touch either axis? Describe.
Q10. Describe why AFC curve is downward sloping with proper reason.