24 Nov 2021
Problem 32
Page 183
Section: CRITICAL THINKING QUESTIONS
Chapter 7: Production, Costs, and Industry Structure
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24 Nov 2021
Introduction
Marginal cost is different from both average total cost and average variable cost. It is the additional cost of producing one more unit of output. So it is not the cost per unit of all units being produced, but only the next one (or next few).
Fixed Cost are the costs that remains fixed irrespective of the level of production.
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