Key Terms Instructions: Please Define the Following Key Terms. Show Who

question 13

Essay

Key Terms
Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
"Polish October"

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Definitions:

Average Fixed Cost

The total fixed costs of production divided by the quantity of output produced, typically decreasing as production scale increases.

Average Variable Cost

The total variable costs (costs that change with output level) divided by the quantity of output produced.

AVC

Average Variable Cost; the cost of variable inputs divided by the quantity of output produced.

AFC

Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.