Asked by
Thunder 15U Flash
on Nov 04, 2024
Verified
Refer to Figure 8.6. Average total cost is represented by
A) curve 1.
B) curve 2.
C) curve 3.
D) line segment AB.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the cost per unit of output.
Line Segment AB
A part of a line that is bounded by two distinct end points, specifically points A and B, and contains every point on the line between A and B.
- Recognize and analyze various cost curves, such as average total cost, average variable cost, average fixed cost, and marginal cost.
Verified Answer
AB
Learning Objectives
- Recognize and analyze various cost curves, such as average total cost, average variable cost, average fixed cost, and marginal cost.