MC is change in total cost as result of one unit change in output, TC(N) - TC(N-1)
Rate of change of total cost with respect to output:
MC= TC/ N
FC/ N + VC(N)/ N
VC(N)/ N
17.
What is the relationship between average and marginal costs? If MC < AC, then AC is falling If MC > AC, then AC is rising If MC = AC, then AC is constant
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