Asked by
Thapelo Ndlovu
on Nov 04, 2024
Verified
The formula for AVC is
A) q/TVC.
B) TVC/q.
C) ΔTVC/Δq.
D) Δq/ΔTVC.
AVC
Average Variable Cost, the cost per unit of varying the level of output, exclusive of fixed costs.
TVC
Total Variable Costs, which refers to all variable expenses associated with the production of goods or services.
Formula
A mathematical relation or rule expressed in symbols.
- Measure and discuss marginal cost and its relationship to average variable cost and average total cost.
Verified Answer
AP
Learning Objectives
- Measure and discuss marginal cost and its relationship to average variable cost and average total cost.
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