Unit 3.7 Firm's costs, Revenue & Objective

Front

Average fixed costs (AFC)

Back

the fixed cost per unit
[TFC /Qty]

Front

Average revenue (AR)

Back

The revenue per unit sold
[TR / Qty]

Front

Average variable cost (AVC)

Back

The variable cost per unit
[TVC / Qty]

Front

Fixed cost (FC)

Back

those cost that do not vary with output

Front

survival

Back

the objective of remaining business

Front

Total cost (TC)

Back

the cost of the firms added together
[TC=FC+VC]

Front

Total Revenue (TR)

Back

the total income of a firm from the sale of its goods and services
[TR = price x Qty]

Front

Variable cost (VC)

Back

those costs which change as output changes