Table

Short-Run Cost Relations

Total Total Average Average

Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Cost Fixed Cost Variable Cost Q TC= TFC + TVC MC = ATC/AQ TFC TVC AC = TC/Q AFC = TFC/Q AVC = TVC/Q

Total Total Average Average

Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Cost Fixed Cost Variable Cost Q TC= TFC + TVC MC = ATC/AQ TFC TVC AC = TC/Q AFC = TFC/Q AVC = TVC/Q

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