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TC

TFC+TVC

AFC

(TFC/Q)

AVC

(TVC/Q)

ATC

(TC/Q)

MC

(Change in TC/ Change in Q)

Total Fixed Cost

TFC is fixed no matter wether output Q is zero or one million. (Fixed cost remains fixed) Fixed cost is not function of Q

Total Variable Cost

TVC is a function of Q. When output is zero Q=0, TVC is zero. As output increases, TVC will also increase.

Graph of ATC & MC

Back (Definition)

Graph of TC

Back (Definition)