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# Typical Total Cost Curves 16

# Short-Run Total and Per-Unit Cost Schedules

 1 2 3 4 5 6 7 8 Qty. of out Total Fixed Total Total Average Average Average Marginal put (Units) costs(\$) Variable Costs(\$) Fixed cost Variable Total cost (\$) costs(\$) (\$) cost (\$) Cost(\$) Q TFC TVC TC AFC AVC AC MC 0 60 0 60 - - - - 1 60 20 80 60 20 80 20 2 60 30 90 30 15 45 10 3 60 45 105 20 15 35 15 4 60 80 140 15 20 35 35 5 60 135 195 12 27 39 55

# Cont ..

### Q/L APL

With w constant and from our knowledge that APL or Q/L usually rises first , reaches a maximum, and then falls, it follows that AVC curve first falls, reaches a minimum, and then rises.thus , the AVC curve is the monetised mirror image or reciprocal of the APL curve.

Since the AVC curve is U-shaped, the ATC

curve is also U-shaped.

### T

The U-shape of MC curve can be similarly explained as follows.

### h

dTVC MC = ------- dQ

### e

 d(wL) w(dL) w w = ------ = -------- = = ------ dQ dQ -------- dQ / dL MPL

= w x 1/MPL

### T

Since the marginal product of labour (MPL) first rises, reaches a maximum, and then falls, it follows that the MC curve first falls,

reaches a minimum, and then rises. Thus, the rising portion of the MC curve reflects the operation of the law of diminishing returns.