Question

difference between average fixed cost and average variable cost
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Answer 1

Answer:

Average fixed cost (AFC): the fixed costs divided by output (AFC=TFC/q). The everage fixed cost function continuously declines as production increases.

Average variable cost (AVC): variable costs divided by output(AVC =TVC/q). The average variable cost curve is normally U-shaped.

Answer 2

Answer:

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Explanation:

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