Question

Difference between Average fixed cost
and Average vouable cost with
Diagrams
3 .​

Answer 1

Answer:

Average fixed cost (AFC): the fixed costs divided by output (AFC = TFC/q). The average fixed cost function continuously declines as production increases. Average variable cost (AVC): variable costs divided by output (AVC = TVC/q). ... Cost curves: a graph of the costs of production as a function of total quantity produced.

Answer 2

Answer:

Average fixed cost (AFC): the fixed costs divided by output (AFC = TFC/q). The average 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.