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Earn +20 ptsQ: What is the formula for average unit cost?
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What is the difference between unit cost and cost per unit?
nit cost is the average cost of making a product and cost per unit is the marginal cost
What is the formula to find the average variable cost?
Average Variable Cost = Total Variable Cost/ Quantity Average Cost = Average Fixed Cost + Average Variable Cost Average Cost = Total Cost/Quantity
Formula for total variable cost?
Total Variable Cost = Number of Units * Variable cost per unit
How can one calculate the average cost in economics?
To calculate the average cost in economics, you divide the total cost by the quantity of goods produced. This gives you the cost per unit, which is the average cost.
What is the difference between average costs and marginal costs?
This is the economic distinction equivalent to fully absorbed cost of product and variable cost of product. Average cost is total cost divided by number of units. Marginal cost is the cost to produce the next unit (or the last unit
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