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  • Econ Studyin

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    smuju001
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    This document defines and provides the formulas for short-run costs including total cost, average fixed cost, average variable cost, and average total cost. Total cost equals fixed cost plus variable cost. Average fixed cost is calculated as total fixed cost divided by quantity. Average variable cost is calculated as total variable cost divided by quantity. Average total cost is calculated as total cost divided by quantity.

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    This document defines and provides the formulas for short-run costs including total cost, average fixed cost, average variable cost, and average total cost. Total cost equals fixed cost plus variable cost. Average fixed cost is calculated as total fixed cost divided by quantity. Average variable cost is calculated as total variable cost divided by quantity. Average total cost is calculated as total cost divided by quantity.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as ODT, PDF, TXT or read online from Scribd
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    3 views1 page

    Econ Studyin

    Uploaded by

    smuju001
    This document defines and provides the formulas for short-run costs including total cost, average fixed cost, average variable cost, and average total cost. Total cost equals fixed cost plus variable cost. Average fixed cost is calculated as total fixed cost divided by quantity. Average variable cost is calculated as total variable cost divided by quantity. Average total cost is calculated as total cost divided by quantity.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as ODT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    ●short-run total cost (TC)

    The total cost of production when at least one input is


    fixed;

    Total Costs is equal to (total) fixed cost plus total


    variable cost.
    ●short-run average fixed cost (AFC)Short-run fixed
    cost divided by the quantity produced; (TFC/Q)
    AFC = TFC/Q
    ●short-run average variable cost (AVC)Short-run
    variable cost divided by the quantity produced;
    (TVC/Q).
    AVC = TVC/Q
    ●short-run average total cost (ATC)Short-run total
    cost divided by the quantity produced; (TC/Q)
    ATC = TC/Q

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