Education Costs

1. CostsTotal, Fixed, Variable, Average and MarginalECON3 2. Fixed Costs (FC)• ‘A cost which is independent of output in the short run’• This can include Rent on…

Education Econs hl to tf1 short run costs

1. LEARNING OUTCOMES 0 Explain the distinction between the short run & thelong run, with reference to fixed costs and variable costs. 0 Distinguish between total costs,…