12:32 Output ATC Cost Concept: Attempt 1 FC VC TC AFC AVC MC 0 100 0 100 1 90 2_ 170 3 240 300 S 370 6 450 7 540 8 650 780 Save for Later Submit Fixed Cost: This cost does not change with changes in output Variable Cost: This cost changes with changes in output Total Cost: Fixed cost + variable cost AFC: Average fixed cost = fixed cost = output AVC: Average variable cost = variable cost = output ATC= Average Total Cost = Average Variable + Average Total Cost MC=Marginal Cost Changes in total cost Changes in output VC TC AFC AVC Output ATC FC MC