What are the average fixed cost, average variable cost and average cost of a firm? How are they related?
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Average fixed cost (AFC) is the fixed cost per unit of output produced. Average variable cost (AVC) is the variable cost per unit of output produced. Average cost (AC) is the sum of average fixed cost and average variable cost. So that, AC curve is the vertical summation of AFC and AVC curves.
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the acerage fixed cost is refined as the commercial cost that has fixed.
the variable cost has defined as the cost that viable with respect to time.
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