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Define Total, Average and Marginal Costs, and also explain the relationship between Average and Marginal Costs.
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written 3.5 years ago by
prajapatijaimin
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Solution:
Total, Average, and Marginal Costs:
Total costs:
Total cost is made up of both the fixed cost and the variable cost. They are represented in the following diagram. OX and OY are the two axes, along OX is represented the quantity produced, and OY is the cost.
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