What is fixed cost and variable costby the production, Ask an Expert

Economics

What is fixed cost and variable cost?

By the Production Function to Cost Curves:

A fixed cost is a cost which does not depend onto the quantity of output generated. This is the cost of the fixed input.

A variable cost is a cost which depends onto the quantity of output generated. This is the cost of the variable input.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9581473

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