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20-SEP-3007 - 20-SEP-2007 Charts and figures Table 6.1 page...

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20-SEP-2007 Charts and figures: Table 6.1 – page 145 Table 6.2 – page 146 Table 6.3 – page 148 Figure 6.3 – page148. Fixed costs: do not fluctuate with the level of production, Variable costs are a function of the level of production. TC = TVC + TFC (Total cost = total variable cost + total fixed cost). Page 148 – figure 6.3: o The average fixed costs are asymptotic to the axis. This means they go down as production increases. o Total fixed costs do not fluctuate with the level of production. o The Average Variable Costs have a U-shaped graph. Example: a classroom has to be composed of 25 students – not 5, not
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