Difference between TFC and TVC. for class 11
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At zero level of output TC is equal to TFC.
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Cost of Production.
Basis TVC TFC
Meaning Vary with the level of output Do not vary with the level of output
Time period Can be changed in short period Remain fixed in short period
Cost at 0 level Zero Can never be zero
Factors Cost incurred on variable factors Cost incurred on fixed factors
Explanation:
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