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The statements and equations below show various ways of defining average variable cost, marginal cost, and average total cost. Below, TC is used to abbreviate total cost, VC is used to abbreviate Variable cost, and Q is used to abbreviate quantity. Classify each statement or equation according to whether it describes average variable cost, marginal cost, or average (total) cost.

Average Variable Cost Marginal Cost Average (Total) Cost
The amount by which total cost increases when an additional unit is produced
Total cost divided by quantity of output
Change in the total cost divided by change in output
VC / Q
The sum of all costs that change as output changes divided by the number of units produced.

TC / Q
ΔTC/ΔQ

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facundobuzzetti

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Classify each statement or equation according to whether it describes average variable cost, marginal cost, or average (total) cost.

The amount by which total cost increases when an additional unit is produced: marginal cost

Total cost divided by the quantity of output: average variable cost

Change in the total cost divided by change in output

VC / Q: marginal cost

The sum of all costs that change as output changes divided by the number of units produced: average cost

TC / Q= variable cost

ΔTC/ΔQ= marginal cost

adioabiola

We are required to group the statements and equations to show various ways of defining average variable cost(AVC), marginal cost(MC), and average total cost(ATC).

The classification is below;

Average Variable Cost:

  • VC / Q

Marginal Cost:

  • The amount by which total cost increases when an additional unit is produced.

  • The sum of all costs that change as output changes divided by the number of units produced.

  • ΔTC/ΔQ

  • Change in the total cost divided by change in output

Average (Total) Cost:

  • Total cost divided by quantity of output.

  • TC / Q

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