Economics A-Level
Average cost
What Average cost means in Economics A-Level, as defined for AQA.
Definition of Average cost
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Reference: AQA
The cost per unit produced, found by dividing total cost by the quantity of output.
Topics that use Average cost
- Costs of production (AQA A-Level)
Related terms
- Cost curve geometry
- Diminishing marginal returns
- Economies of scale
- Factor prices
- Factors of production
- Fixed and variable costs
- Fixed costs
- Long-run costs
Using Average cost in the exam
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