|
|
TOTAL COST CURVES: The total cost of producing a good can be represented by three related curves, total cost curve, total variable cost curve, and total fixed cost curve. The total cost curve is the vertical summation of the total variable cost curve and the total fixed cost curve.
Visit the GLOSS*arama
|
|

|
|
|
AVERAGE FACTOR COST, PERFECT COMPETITION Total factor cost per unit of factor input employed by a perfectly competitive firm in the production of output, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is generally equal to the factor price. However, using the longer term average factor cost makes it easier to see the connection to related terms, including total factor cost and marginal factor cost.
Complete Entry | Visit the WEB*pedia |


|
|
PURPLE SMARPHIN [What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a velvet painting of Elvis Presley or a wall poster commemorating yesterday. Be on the lookout for vindictive digital clocks with revenge on their minds. Your Complete Scope
This isn't me! What am I?
|
|
|
Lombard Street is London's equivalent of New York's Wall Street.
|
|
|
"The past is a foreign country; they do things differently there." -- Leslie Poles Hartley, Writer
|
|
LRTC Long Run Total Cost
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|