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Cost Of Production and Concept of Revenue — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsCost Of Production and Concept of Revenue2 Marks
Question
What is the average cost? How is the average cost curve ?
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Answer

  • Average cost can be known by dividing total cost of goods to number of units of goods. The second way, the average cost acquired by summation of average fixed cost and average variable cost. Mostly, average cost curve has 'U' shaped curve.

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