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10 cards from this deck
Only variable factors change; fixed factors remain constant
All factors of production can be modified
TC=FC+VCTC = FC + VCTC=FC+VC
MC=ΔTCΔQMC = \frac{\Delta TC}{\Delta Q}MC=ΔQΔTC
AC=AFC+AVCAC = AFC + AVCAC=AFC+AVC or TCQ\frac{TC}{Q}QTC
TR=P×QTR = P \times QTR=P×Q
Expenses constant regardless of output (e.g., rent, insurance)
Expenses that change with production (e.g., wages, materials)
Always decreases as output increases
At their minimum points
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