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Different costs infographic
Poppy
Created on February 1, 2023
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Transcript
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Variable Costs
Fixed Costs
Change with the level of output. As production rises, VC rises.As production falls, VC falls.
These costs do not change with the level of output.FC staysx the same as production falls and rises
Average Total Costs
Total Costs
Economics
Total costs is the sum of fixed costs and variable costsTC = FC + VC
the sum total of all production costs divided by the total quantity of outputATC = TC/Q
Different Costs
Total revenue
is the total amount of income from all units sold
Average Fixed Costs
Average Variable Costs
Is the variable cost of producing one unitAVC = VC/Q
Is the fixed cost of producing one unitAFC = FC/Q
Average revenue
Total profit
Total profit is the amount of income left after paying all its costs
Average revenue is the amount of income recieved per unit sold