Costs of production (HL only)
This page contains the activities for the teacher page: Costs of production (HL only) In economics what is the difference between the short run and the long run? Key definitions: Total cost (TC) - represents the total costs of production incurred by a firm. This is equal to fixed plus variable costs. In economics this includes all implicit costs as well as the explicit ones. Fixed costs (FC) - costs within a business...