Cost

Types of cost are

• fixed and variable

• Avg and full

The shape of Marginal cost is

• U shaped

• S shaped

The MC curve cuts AC at its

• highest point

• minimum point

ATC is a summation of

• AFC and AVC

• FC and VC

The shape of AFC is

• rectangular hyperbole

• S shaped

AC is equal to MC where

• AC is minimum

• MC is minimum

Cost per unit of output is

• AC

• MC

Change in cost is

• MC

• AC

Salary given to permanent staff is an example of which kind of cost

• fixed cost

• variable cost

A person using his own capital in business is an e.g of

• implicit cost

• explicit cost