Question

that are the total fized cost, total variable cost and total cost of a firm. How are they related Explain
with the help of a suitable diagram​

Answer 1

Answer :

Relation Of TC, TFC, TVC curves :

(Look the Attachment)

TFC curve is parallel to x-axis. TVC curve starts from the origin because when Output is zero TVC also zero. Both TVC and TC curves are sloping upwards. They have an inverted S shape.TVC curve starts from 0 and slowly increases, then rises along with the output. TC curve starts from point F where TFC cuts the y-axis. TC also slowly increases and then rises rapidly as output increases.

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