Fixed, Variable, and Marginal Cost

Watch this video about fixed, variable, and marginal cost. Make sure that you go back to the main reading in Unit 5.1 to learn about these concepts in detail. It is especially the case that variable costs are those that change in the short-term, like wages. And fixed costs are those that cannot normally change in the short-run, like the rental payment for leasing property that is used in the production process.

Source: Khan Academy
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Last modified: Wednesday, February 24, 2021, 5:07 PM