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Total Cost (TC):Total cost of production in the short-run is the total payments made in respect of all fixed and variable inputs employed. That is to say the sum of all implicit and explicit fixed and variable costs.TC = TFC + TVCAverage Total Cost (ATC) is the total cost per unit of output produced meaning it is TC divided by quantity of output produced (Q).
ATC = TC/Q
ATC may also be expressed as the sum of AFC and AVC. This is when we substituteTC = TFC + TVC in the ATC equation as follows:
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