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Fixed Costs vs. Sunk Costs
Fixed Costs
Sunk costs
Prospective Cost
Economic Cost
Cost to a firm of utilizing economic resources in production
-> including accounting and opportunity costs
Average Fixed Cost (AFC)
Fixes cost decided by the level of output.
Fixed Cost (FC)
Cost that does not vary with the level of output and that can be eliminated only by shutting down (going out of the business)
Prospective sunk cost
investment
-> firm must decide whether that investment is specialized equipment is economical
Total Cost (TC)
Total economic cost of production, consisting of FC and VC.
Variable Cost (VC)
Cost that varies as output varies.
Shutting Down
Does not mean going out of business.
Fixed or Variable Cost?
Fixed Cost
Variable Cost
Amortization
Policy of treating a one-time expenditure as an annual cost spread out over some number of years.
Abschreibung/Tilgung
Average Variable Cost (AVC)
Variable cost divided by the level of output.
Opportunity Cost
Cost associated with opportunities forgone when a firm's resources are not put to their best alternative use.
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