Asked by
Shauna Brooks
on Nov 04, 2024
Verified
The formula for ________ is TFC/q.
A) total cost
B) average fixed costs
C) total variable costs
D) average total cost
Average Fixed Costs
Average Fixed Costs are the total fixed costs of production divided by the quantity of output produced.
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of production or output in the short run, such as rent or salaries.
TFC
Total Fixed Cost, which refers to the sum of all costs that do not change with the level of output produced by a firm.
- Understand the calculation and significance of average costs (average fixed costs, average variable costs, and average total costs).
Verified Answer
AS
Learning Objectives
- Understand the calculation and significance of average costs (average fixed costs, average variable costs, and average total costs).