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In perfect competition:
Average Total Cost
The total cost of production divided by the quantity of output, encompassing both fixed and variable costs.
Average Variable Cost
The cost per unit of production that varies with the level of output, calculated by dividing the total variable costs by the number of units produced.
Variable Costs
Expenses that change in proportion to the activity of a business, such as costs for raw materials or production inputs.
Fixed Costs
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance premiums.
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Q168: (Figure: PPV) Look at the figure PPV,
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Q281: (Table: Cost Data) Look at the table