Short-Run Costs (Part 1)- Micro Topic 3.2

The video tutorial introduces cost curves in microeconomics, emphasizing their importance for business owners to understand production costs. It explains fixed and variable costs with examples, and guides viewers through calculating total, fixed, variable, and marginal costs. The tutorial also covers per unit costs, including average variable, fixed, and total costs, and concludes with instructions on graphing these cost curves.

Describe how to calculate average variable cost.

What is the relationship between average variable cost, average fixed cost, and average total cost?

What steps would you take to graph the costs from the chart?