State the behavior of Total Variable Cost. Draw Total Variable Cost, Total Cost and Total Fixed Cost curves in a single diagram
Or
State the behavior of Total Variable Cost. Prepare a Schedule showing Total Variable Cost and Total Cost.
What are the total fixed cost, total variable cost and total costs of a firm? How are they related?
a) Why is Total Variable Cost curve inverse S- shaped? b) What is Average Fixed Cost of a firm? Why is an Average Fixed Cost Curve a rectangular Hyperbola? Explain with help of a diagram.
Draw total variable cost, total cost and total fixed cost curves in a single diagram, and explain the figure.