Short Run Costs (Grade 11 NSC Matric Economics): Flashcards

Time period where at least 1 factor of production can't change

Expenses constant regardless of production level

$AFC = \frac{TFC}{Q}$

Costs that change directly with output level

$TC = FC + VC$

Additional expense when producing one more unit

$MC = \frac{\Delta TC}{\Delta Q}$

They fall/decrease

Each extra variable input eventually produces less extra output

At their minimum/lowest points