Talk About: -Jan Van Eyck

question 41

Essay

Talk about:
-Jan van Eyck

---

Definitions:

Shutdown Point

The level of output and price at which a firm's revenue just covers its variable costs, below which it would be better for the firm to cease operations.

ATC Curve

Represents the average total cost of producing a good or service, calculated by dividing total cost by the quantity produced, and typically displayed as a graph.

AVC Curve

The Average Variable Cost curve, which graphs the per unit variable costs of production against the quantity of output.

Average Variable Cost

The total variable costs (such as labor and materials) divided by the quantity of output produced.