Explain the relation between TC, TFC and TVC.With diagram
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The TFC curve is parallel to the horizontal axis while the TVC curve is inverted-S shaped. Thus, the TC curve is the same shape as TVC but begins from the point of TFC rather than the origin. The law that explains the shape of TVC and subsequently TC is called the law of variable proportions.
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The TC curve is inverted-S shaped. ... Since the TFC curve is horizontal, the difference between the TC and TVC curve is the same at each level of output and equals TFC. This is explained as follows: TC – TVC = TFC. The TFC curve is parallel to the horizontal axis while the TVC curve is inverted-S shaped.
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