Cost of Production

Fixed cost: cost that does not change no matter how much is produced

Variable cost: cost that rises or falls depending upon how much is produced

Total cost: fixed cost + variable cost

Marginal revenue: the additional income from selling one more unit of goods

Marginal cost: the cost of producing one more unit of goods

Total revenue: price multiplied by quantity 

You must use these equations

average total cost (ATC)= average fixed cost (AFC) +(AVC) average variable cost

average fixed cost(AFC)= total fixed cost (TFC) / (Q) quantity

ave

rage variable cost (AVC)= total variable cost (TVC) / (Q) quantity

average total cost (ATC)= total cost (TC) / (Q) quantity

total cost (TC)=(TFC) total fixed cost + (TVC) total variable cost

total fixed cost (TFC)= average fixed cost (AFC)(Q) quantity

to

total variable cost (TVC)= average variable cost (AVC)(Q)quantity

total cost (TC)= average total cost (ATC)/(Q) quantity