What is a fixed cost?, A cost that does not change with the level of output in the short term., What is a variable cost?, : A cost that changes directly with the level of output., What is total cost?, The sum of fixed cost and total variable cost., What is the formula for total cost?, Total cost = Fixed cost + Variable cost., What is average cost?, The cost per unit, calculated as total cost divided by output., What happens to fixed cost per unit when output increases?, It decreases because the fixed cost is spread over more units., What happens to total variable cost when output increases?, It increases because more units require more resources., Why can increasing output reduce average cost?, Because fixed cost per unit falls as output increases., What is a key mistake students make with costs?, Calculating correctly but not explaining what the result means., Why is average cost important for a business?, It helps determine pricing, profitability, and competitiveness..
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