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April 23, 2024 

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TOTAL COST CURVES: The total cost of producing a good can be represented by three related curves, total cost curve, total variable cost curve, and total fixed cost curve. The total cost curve is the vertical summation of the total variable cost curve and the total fixed cost curve.

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AVERAGE FACTOR COST: Total factor cost per unit of factor input, found by dividing total factor cost by the quantity of factor input. Average factor cost, abbreviated AFC, is essentially the factor price. However, using the longer term average factor cost let's us see the connection with other terms, like total factor cost and marginal factor cost.

     See also | total factor cost | factor price | marginal factor cost | factor markets | perfect competition | monopsony | market control | average cost | law of diminishing marginal returns |


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AVERAGE FACTOR COST, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 23, 2024].


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AGGREGATE EXPENDITURES DETERMINANTS

Ceteris paribus factors, other than aggregate income or production, that are held constant when the aggregate expenditures line is constructed and which cause the aggregate expenditures line to shift when they change. Some of the more important aggregate expenditures determinants are interest rates, expectations, fiscal policy, wealth, and exchange rates.

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Today, you are likely to spend a great deal of time at an auction hoping to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for fairy dust that tastes like salt.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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