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3.7.1 - Definition of costs of production

Unit 3.7.1 - Definition of costs of productionThis section of the Cambridge IGCSE Economics (0455) syllabus requires students to be able to define the various costs of production, namely total cost (TC), average total cost (ATC), fixed cost (FC), variable cost (VC), average fixed cost (AFC), and average variable cost (AVC)Note: knowledge of marginal cost is not required in the course.Costs of production are the charges...

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