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AFC: The abbreviation for average fixed cost, which is fixed cost per unit of output, found by dividing total fixed cost by the quantity of output. Average fixed cost is one of three related cost averages. The other two are average variable cost and avarage total cost. Average fixed cost decreases with larger quantities of output. Because fixed cost is FIXED and does not change with the quantity of output, a given cost is spread more thinly per unit as quantity increases. A thousand dollars of fixed cost averages out to $10 per unit if only 100 units are produced. But if 10,000 units are produced, then the average shrinks to a mere 10 cents per unit.
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CHANGE IN REAL PRODUCTION The movement along the short-run or long-run aggregate supply curve caused by a change in the price level. A change in real production is caused ONLY by a change in the price level. This is one of two changes related to aggregate supply. The other is a change in aggregate supply. A change in real production is comparable to a change in quantity supplied. A change in real production for short-run aggregate supply means real production changes with a movement along a given short-run aggregate supply curve. However, the term "change in real production" is also used for movements along a given long-run aggregate supply curve, even though real production does not actually change in the long run.
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