Glossary Home | Glossary Entry Sources | Submit New Term or Provide Feedback

average costs

Owned by Dennis Daggett (Deactivated)
2018-02-17
1 min read

Average cost is a concept related to the production function and related cost curves, and represents average cost per unit of output. Average cost is defined as total costs divided by output, which is total variable costs plus total fixed costs divided by output.

Authorization Path: 2.5.6.4.26.0

Glossary Home | Glossary Entry Sources | Submit New Term or Provide Feedback