cost and production

cost and production - Average Fixed Cost * output= fixed...

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Total physical product of labor Q=output L=labor Average physical product of labor= Q/L Marginal physical product of labor = Change in Q/ Change in L Fixed cost + Total variable cost = Total Cost Marginal Cost =
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Unformatted text preview: Average Fixed Cost * output= fixed cost AFC = Average Fixed cost decreases as output increases and difference between Average Variable cost becomes closer and closer to average total cost....
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This note was uploaded on 03/26/2008 for the course ECON 101 taught by Professor Balaban during the Fall '07 term at UNC.

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