Define variable costs. [Foreign 2006,09; Delhi, AI 2008C]
Briefly explain the concept of the cost function. [NCERT]
Give one example each of fixed cost and variable cost. [Delhi 2004C]
Why is average total cost greater than average variable cost ? [A12009]
How does average fixed cost behave as output is decreased ? [Delhi, AI 2009C]
Do ATC and AVC curves intersect ? Give reason.
Why does the difference between ATC and AVC decrease with increase in the level of output ? [Delhi 2008C]