Define Average Variable Cost
Define Average Variable Cost. And also state its formula.
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Average Variable Cost (AVC): It is the product of firm’s total variable cost divided by the total number of units of product generated, or TVC/Q. This is per unit cost. Average variable cost is differentiated from average total cost in short run by the presence of fixed costs, or ATC – AVC = AFC. Illustrations of variable costs would comprise materials, energy, labor, and so on.
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When the minimum average variable cost exceeds price, in that case a firm produces: (w) where MR = MC into the short run. (x) only in the long run. (y) in the short run although shuts down in the long run. (z) nothing in the short run. Q : Consumer goods-Durable and nondurable I I have a problem in economics on Consumer goods-Durable and nondurable. Please help me in the following question. Consumer goods comprise durable and nondurable goods, and: (i) Capital equipment. (ii) House-hold goods. (iii) Services. (iv) Electronic goods.
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