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Fixed, Variable and Total Cost

Fixed, Variable and Total Cost

In the short run, at least one factor of production is fixed. Total fixed cost, TFC\text{TFC}TFC, does not change with output, while total variable cost, TVC\text{TVC}TVC, rises as more output is produced.

7.5.2 short-run cost function Lesson

  1. Intl A Level
  2. /Economics
  3. /7.5.2 short-run cost function

Step-by-step lessons on CIE Intl A Level Economics 7.5.2 short-run cost function. Each one builds up to exam-style questions.

Lessons