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Average Fixed Cost (AFC): AFC is the fixed cost per unit of output.
AFC = TFC/y
Since the TFC is constant throughout the short run, as y increases AFC will decline. Therefore, the AFC curve is downward sloping.
Average Variable Cost (AVC) : AVC is the variable cost per unit of output.
AVC = TVC/y.
AVC will generally decrease as the output increases. But because of the operation of the law of diminishing marginal product, the AVC will rise after a certain point. Notice that is it a mirror image of the average product curve. Manipulating the formulae of both will prove that AVC is inversely related to AP.
Distributive Bargaining An approach to negotiation that finds to divide up a fixed amount of resources.
Separate Administrative Set-up for Exports: It may be worth examining the setting up of Foreign Trade Board, similar to what obtains in Japan (JETRO) and South Korea (KETRO)
What happens when oil eventually runs out?? can''t we just pay doctors and nurses more money?? The unemployed should get off their backsides and get a job??
Ask question #Min1) Illustrate and explain the changing demand for big Mac using the indifference curve and budget line.imum 100 words accepted#
LINKAGES OF BUREAUCRACY WITH THE KNOWLEDGE CENTRES: The Government employees must make use of knowledge generated in higher seats of learning for implementing economic policie
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