ECONOMICS

total cost/ quantity = ?

• marginal cost

• average cost

• implicit cost

• total fixed cost

Draw the graph for average variable cost

Answer explanation

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Match the following graphs to respective formulas

• marginal cost

• 
• average variable cost

• 
• average fixed cost

• 
• total fixed cost

• 

Is Average Fixed Cost a short run or long run?

• short-run

• long-run

What is an example of Average Fixed Cost?

• Salaries of Permanent Employees

• Hourly Labor Cost

• Production Materials

• Hiring a Person

Will the Average Fixed Cost change when there is a change in the number of goods and services produced by a company?

• Yes

• No

For the Average Fixed Cost Graph, does the cost curve increase or fall?

• Increase

• Fall

• Remain the same

• Constant

which is the marginal cost

• 42

• 70

• 65

• 64

The MC curve intersects the AC curve at its...

• lowest point

• highest point

MC curve and AC curve are...

• short run

• long run