3 A cost-schedule is a statement of variations in costs resulting from variations in the levels of output and it shows the response of costs to changes in output. If we represent the relationship between changes in the level of output and costs of production, we get different types of cost curves in the short run. Define the kinds of cost concepts like TFC, TVC, TC, AFC, AVC, AC and MC and its corresponding curves with suitable diagrams for each. kinds of cost concepts like TFC, TVC, TC, AFC, AVC, AC and MC and its corresponding curves suitable diagrams
Answer:- Hypothetical Cost Schedule
Output in Units | TFC
in Rs. |
TVC
in Rs. |
TC
in Rs. |
AFC
in Rs. |
AVC
in Rs. |
AC
In Rs. |
MC
in Rs. |
0 | 360 | – | 360 | – | – | – | – |
1 | 360 | 180 | 540 | 360 | 180 | 540 | 180 |