Average costs, variable costs, fixed costs, total costs
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?- 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
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