Sapling Learning The staternents and equations below show various ways of defini

Question

Sapling Learning The staternents and equations below show various ways of defining Average Variable Cost, Marginal Cost and A Total Cost. Below, TC is used to abbreviate Total Cost, VC is used to abbreviate Variable Cost, and Q is used to abbreviate quantity. Drag and drop each statement or equation into the appropriate bin. Average Variable Cost Marginal Cost Change in total cost divided by change in output TC/O Total cost divided by quantity of output v ATC/AQ The amount by which total cost increases The sum of all costs that change as output changes when an a of units produced Check Answer O Next Ex a

Explanation / Answer

Answer.)

-> Average Variable Cost =

1.) VC/Q

2.) The sum of all costs that change as output changes divided by the number of units produced.

-> Marginal Costs =

1.) Change in total cost divided by change in output.

2.) TC/Q

3.) The amount by which total cost increases when an additional unit is produced.

-> Average Total Cost =

1.) TC/Q

2.) Total cost divided by Quantity of Output.

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