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Total cost curve (TC) is obtained by adding up vertically total fixed cost and total variable cost curves because the total cost is sum of total fixed cost and total variable cost it will be seen from that the vertical distance between the TVC curve and TC curve is constant throughout. This is because the vertical distance between the TVC and TC curves represents the amount of total fixed cost which remains unchanged as output is increased in the short run. It should also be noted that the vertical distance between the total cost curve (TC) and the total fixed curve (TFC) represents the amount of total variable costs which increase with the increase in output. The shape of the total cost distance always separated the two curves.
Value Added:Value added in a particular stage of production equals value of total output, less the value of intermediate products (comprising raw materials, capital equipment and o
ADMINISTRATIVE REFORMS - ECONOMIC POLICY: During the last few decades, phenomenal changes are taking place at a fast rate in the field of science and technology as well as in
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marginal utility is applied on money or not
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contemporary issues in microeconomics in nigeria
using the basic Keynesian model answewr the following parts carefully using the relevant diagrams. what happens to the equilibrium level of GDP(Y) given the following: a) a reducti
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