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Welcome to the Q&A for ECN/APEC 2010, where you can ask questions and receive answers from your fellow students, the TA, and your professor.

Please only ask questions about the material for the course. Try to create discussions about the material we see in class, instead of just thinking of economics in general (this is an introduction to microeconomics class, not a policy or government class).

For questions and discussions about course organization or other course related topics, come see us after class or during office hours.

Feel free to discuss quiz questions on the Q&A, but do not provide direct answers to quiz questions before the quiz's due date.

Fixed costs/average costs/variable costs/marginal costs

+2 votes
14 views
How do you find and calculate these when given a chart and you are asked to find one of these? How to calculate them at profit maximizing? All these "costs" are confusing me.
asked Apr 30 by canvas-0beab539b2710 (387 points)
And also external costs etc.

1 Answer

0 votes
Fixed Cost: costs that do not vary with output.

Variable cost: costs that DO vary with output. Total Cost (TC) = Fixed Cost (FC) + Variable cost (VC)

Average cost: cost per unit of output. FC + VC/ total units produced.

Marginal cost: cost added by producing one additional unit of a product or service.
answered May 1 by canvas-e25408d8f8d15 (216 points)
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