Question

Q17. Cost incurred per unit of output __________ (Give economic term) *​

Answer 1

Answer:

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Answer 2

Answer:

Cost incurred per unit of output is also known as Average Cost.

Explanation:

The Average Cost is the cost per unit of production which is obtained by dividing the Total Cost (TC) by the Total Output (which is denoted by Q). Per unit cost of production means that all the fixed cost and variable cost is taken into the consideration for determining the average cost. Hence the Average Cost is also called Per Unit Total Cost.

Average cost = $\frac{TC}{Q}$ (where TC is the Total Cost and Q is the total output)