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10 cards from this deck
Time period where at least 1 factor of production can't change
Expenses constant regardless of production level
AFC=TFCQAFC = \frac{TFC}{Q}AFC=QTFC
Costs that change directly with output level
TC=FC+VCTC = FC + VCTC=FC+VC
Additional expense when producing one more unit
MC=ΔTCΔQMC = \frac{\Delta TC}{\Delta Q}MC=ΔQΔTC
They fall/decrease
Each extra variable input eventually produces less extra output
At their minimum/lowest points
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