NTA-NET (UGC-NET) Economics & Development (01) Micro-Economic Analysis-Theory of Production and Costs Study Material (Page 1 of 8)
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Short Run Costs
Short Run Costs
In the short run, there are 2 type of cost methods:
1. Fined costs
2. Variable costs
Fixed Costs
Fixed costs are not which remain the same irrespective of the level of output they include:
- Salary of staff
- Expenditure on land, machinery etc.
Variable Costs
Variable costs are cost which vary with the level of output. When the level of output is zero, the variables cost are zero.
- Cost of law material
- Wages of labour
- Running expenses of running a firm e…
… (122 more equations, 23 figures) …
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Relation between ATC and AVC
Relation between ATC and AVC
- The average variable cost (AVC) is the total variable cost per unit of output. This is found by dividing total variable cost (TVC) by total output (Q) . Total variable cost (TVC) is all the costs that vary with output, such as materials and labor. The easiest way to determine if a cost is variable is if the output changes, the cost changes as well.
- AVC Function shows the average variable cost function. it՚s a U-shaped curve. Initially, the variable cost per unit of output decreases as output increases. At one point, it reaches a low. After the low, the vari…
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