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distinguish between ac n mcdistinguish between average cost and marginal cost
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distinguish between ac n mcdistinguish between average cost and margin...
Average Cost {AC}:-
1) AC is the sum of Total Cost of Goods divided by the Total no. of Goods.
2) The aim of AC is to access the impact on Total unit Cost with the change in output level.
3) Average Cost has two Components- Average fixed Cost & Average variable Cost.
4) To decide production level on AC is when Cost maximizes.
5)Formula of AC= Total Cost of Goods/Total no. of Goods.
Marginal Cost {MC}:-
1) MC is the Cost added by producing one additional unit of a product or service.
2) The aim of MC is to find whether it is beneficial to produce additional unit of goods.
3) MC is Single unit and Don't have any components.
4) To decide production level on MC is when profit Maximizes.
5) Formula of MC= Change in Total cost/Change in Quantity.
1) AC is the sum of Total Cost of Goods divided by the Total no. of Goods.
2) The aim of AC is to access the impact on Total unit Cost with the change in output level.
3) Average Cost has two Components- Average fixed Cost & Average variable Cost.
4) To decide production level on AC is when Cost maximizes.
5)Formula of AC= Total Cost of Goods/Total no. of Goods.
Marginal Cost {MC}:-
1) MC is the Cost added by producing one additional unit of a product or service.
2) The aim of MC is to find whether it is beneficial to produce additional unit of goods.
3) MC is Single unit and Don't have any components.
4) To decide production level on MC is when profit Maximizes.
5) Formula of MC= Change in Total cost/Change in Quantity.
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distinguish between ac n mcdistinguish between average cost and marginal cost Related: Long Questions With Answers - Production And Costs?
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