Micro final

Card Set Information

Author:
Anonymous
ID:
252620
Filename:
Micro final
Updated:
2013-12-11 15:18:44
Tags:
micro
Folders:

Description:
final
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The flashcards below were created by user Anonymous on FreezingBlue Flashcards. What would you like to do?


  1. FC
    • fixed cost 
    • Cost that does not depend on the quantity of output produced
  2. AFC
    • Average fixed cost 
    • AFC = FC/Q
    • Fixed cost per unit of output
  3. VC
    • Variable Cost 
    • Cost that depends on the quantity of output produced
  4. AVC
    • Average variable cost
    • AVC = VC/Q
    • Variable cost per unit of output
  5. TC
    • Total cost
    • TC = FC+VC
    • The sum of fixed cost (short run) and variable cost
  6. ATC
    • Average total cost
    • ATC = TC/Q
    • Total cost per unit of output

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