Explain the term average fixed cost
Explain the term average fixed cost.
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Average fixed cost (it is fixed cost per unit) changes along with a change in the quantity of production. When the volume of production rises, average fixed cost will reduces. When the quantities of production reduce, average fixed cost will raise. Therefore, there is an inverse relationship in between quantity of production and fixed costs.
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Extra revenue by the extra output produced from an additional unit of a resource is the marginal resource: (1) profit to the firm. (2) revenue product. (3) iso-utility curve. (4) resource cost. (5) productive value. Discover Q & A Leading Solution Library Avail More Than 1425463 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1946912 Asked 3,689 Active Tutors 1425463 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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