Overview of Cost Curves
In terms of economics, a cost curve represents a graph that contains production costs and total quantity produced. Firms use cost curves in order to maximize profit and track a record. Various types of cost curves are:
- The long-run average cost curve
- Marginal cost
- Average variable cost
- Short-run and long-run cost curves
- Average cost curves economics
- Total cost curves economics
- Average fixed cost (AFC),
- Average variable cost (AVC),
- Marginal cost (MC) and average total cost (ATC)
The cost structure of a business is divided into:
- Standard cost accounting,
- Activity-based accounting,
- Lean accounting and marginal costing
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