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Classify each statement or equation according to whether it describes average variable cost, marginal cost, or average (total) cost. (TC is total cost; VC is variable cost: Q is quantity.) a ATC AQ b. The amount by which total cost increases when an additional unit is produced: TC c d. The total cost divided by the quantity of output: e. The change in total cost divided by the change in output: va The sum of all costs that change as output changes divided by the number of units produced:
Classify each statement or equation according to whether it describes average variable cost, marginal cost, or average (total) cost. (TC is total cost; VC is variable cost: Q is quantity.) a ATC AQ b. The amount by which total cost increases when an additional unit is produced: TC c d. The total cost divided by the quantity of output: e. The change in total cost divided by the change in output: va The sum of all costs that change as output changes divided by the number of units produced:
a. ATC = AQ describesaverage (total) cost.b. The amount by which total cost increases when an additional unit is produced representsmarginal cost.c. TC/Q describes average (total) cost. d. ΔTC/ΔQ represents marginal cost.e. VC/Q describes averagevariable cost.Average (total) cost (ATC) is the total cost (TC) divided by the quantity of output (Q), as in ATC = TC/Q (statement c) and ATC = AQ (statement a).Marginal cost (MC) is the change in total cost (ΔTC) resulting from producing an additional unit of output, which is represented by ΔTC/ΔQ (statement d) and "the amount by whichtotal costincreases when an additional unit is produced" (statement b).Average variable cost(AVC) refers to the variable cost (VC) per unit of output, which can be represented by VC/Q (statement e), or "the sum of all costs that change as output changes divided by the number of units produced" (statement e).To know more aboutmarginal costclick on below link:brainly.com/question/7781429##SPJ11...