Unformatted text preview: output changes – only incurred in the short run) • Total Costs (TC) Cost Concepts • Average Total Cost- Average cost to produce 1 item. Total cost / output • Average Variable Cost- total variable cost / output • Average Fixed Cost- total fixed cost / output • Marginal Cost- Change in cost / change in output...
View Full Document
- Spring '07
- TFC, Total Variable Cost, Output Average Variable, Output Average Fixed