Microeconomics

Total costs

Choose appropriate words from each drop-down box to complete the description of total costs.

Choose... Average costs Marginal costs Total costs average fixed cost average total cost average variable cost are the sum of fixed costs and variable costs at a particular level of output. Choose... Average costs Marginal costs Total costs average fixed cost average total cost average variable cost are the cost of one more unit of output. In other words the increase in total cost from producing one more unit of output. Choose... Average costs Marginal costs Total costs average fixed cost average total cost average variable cost are total costs divided by the level of output. There are three aspects of average cost: Choose... Average costs Marginal costs Total costs average fixed cost average total cost average variable cost (ATC) which is total cost divided by the level of output, Choose... Average costs Marginal costs Total costs average fixed cost average total cost average variable cost (AFC) which is total fixed cost divided by the level of output and Choose... Average costs Marginal costs Total costs average fixed cost average total cost average variable cost (AVC) which is total variable cost divided by the level of output.