relationship average total cost marginal cost quizlet

What is the relationship between average total cost and marginal cost quizlet?

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What is the relationship between average total cost and marginal cost?

Marginal cost is the variable cost of producing an additional unit. When it is greater than the average cost, then the marginal cost pulls the average upwards. If it is lower than the average cost, then the marginal cost pulls the average cost downward. These are the relationships between these two entities.

What is the relationship between average total cost ATC and marginal cost MC quizlet?

What is the relationship between average total cost and marginal cost? When marginal cost is below average cost, average cost is declining. When marginal cost is above average cost, average cost is increasing.

What is the important relationship between ATC and MC?

The relationship between the ATC and MC. Whenever MC is less than ATC, ATC is falling. Whenever MC is greater than ATC, ATC is rising. When ATC reaches its minimum point, MC=ATC.

What is the relationship between average total cost and total cost?

Average cost (AC), also known as average total cost (ATC), is the average cost per unit of output. To find it, divide the total cost (TC) by the quantity the firm is producing (Q).

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