Examlex
Changes in total cost depend on variations in total variable cost, since total fixed cost stays the same.
Marginal Cost
The expansion in total financial commitment from producing one extra unit of a product or service.
Total Cost
The aggregate expense incurred in the manufacture or delivery of a product, including all overheads.
Marginal Cost Curve
The marginal cost curve graphically represents the cost incurred in producing one additional unit of a good.
Average Fixed Cost
Represents the fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced.
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