Asked by
Araceli Mingura
on Oct 27, 2024
Verified
Total cost divided by the quantity of output produced is:
A) always increasing.
B) always decreasing.
C) average total cost.
D) marginal cost.
Total Cost
Total cost is the complete cost of production that includes both fixed and variable costs.
Quantity
The amount or number of a material or immaterial good considered as a unit or total.
Average Total Cost
The total cost of producing a given output level divided by the quantity of output, indicating the average expense per unit produced.
- Comprehend the principles of average total, average variable, and average fixed costs.
Verified Answer
TJ
Learning Objectives
- Comprehend the principles of average total, average variable, and average fixed costs.