explain total fixed cost total variable cost average fixed cost average variable cost marginal cost with the help of diagram and table
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In economics, average variable cost (AVC) is a firm's variable costs (labour, electricity, etc.) divided by the quantity of output produced. Variable costs are those costs which vary with the output level: where = variable cost, = average variable cost, and. = quantity of output produced.
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Total fixed cost (TFC) is that cost which does not change with a change in the level of output. Total variable cost (TVC) is that cost which changes as the level of output changes
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