# Average costs, variable costs, fixed costs, total costs

Teacher recommended

?- Created by: Jade
- Created on: 17-11-12 14:20

## Other questions in this quiz

## 2. Where aircraft are owned by the airline, this is the cost of what?

- Any debt
- Any loaned finance and also depreciation
- Any loaned finance

## 3. The lowest level of output where LRAC is minimised is known as what?

- Moderate efficiency scale
- Minimum efficiency scale
- Maximum efficiency scale

## 4. What is the equation for total cost?

- Total cost = Fixed cost + Variable cost
- Total cost = Fixed cost/ Variable cost
- Total cost = Variable cost/Fixed cost

## 5. What is average cost and the equation?

- Average cost is the unit cost of production. Average cost = Total cost/quantity
- Average cost is the change in total cost that occurs when output is changed by one unit. Average cost = Quantity/total cost
- Average cost is the unit cost of production. Average cost = Total cost x quantity

## Comments

Report