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### 9 Cards in this Set

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 Total cost Cost of all resources including normal profit Average total cost TC / q Calculation for TC TC = TFC + TVC TFC = total fixed cost TVC = total variable cost Calculation for ATC ATC = AFC + AVC ATC = TC/q AFC = TFC/q AVC = TVC/q Marignal cost increase in total cost resulting from a one-unit increase in output MC = Change in TC/ change in q In an average and marginal cost curves, where does the MC cross these curves At the miniumum point for ATC and AVC What would an increase in technology do to the cost curves? Shift downward What would an increase in resource price do to the cost curves? shift upward Draw a cost curve illustrating MC, ATC and AVC MC intersects ATC and AVC at their minimums