221. Describe what else can be used instead of money as a store of value

278. Explainwhat average fixed cost means.
In economics, average fixed cost (AFC) is the fixed costs of production (FC) divided by the quantity (Q) of output produced. ... As the total number of units of the good produced increases, the average fixed cost decreases because the same amount of fixed costs is being spread over a larger number of units of output.
The average fixed cost of a product can be calculated by dividing the total fixed costs by the number of production units over a fixed period. The division method is useful if you only want to determine how your fixed costs affect the fixed cost per unit.
Examples of average fixed cost are the salaries of permanent employees, the mortgage payment on machinery and plant, rent, and more.
279. Explainwhat marginal cost means.
The marginal cost of production measures the change in the total cost of a good that arises from producing one additional unit of that good. The marginal cost (MC) is computed by dividing the change (Δ) in the total cost (C) by the change in quantity
How to calculate the marginal cost
Find out how much your costs will increase once you produce any additional units;
Think about how many additional products you would like to create;
Divide the additional cost from point 1 by the extra units from point 2; and.
Thats it, you have calculated the marginal cost!
Marginal cost is the cost of one additional unit of output. The concept is used to determine the optimum production quantity for a company, where it costs the least amount to produce additional units. It is calculated by dividing the change in manufacturing costs by the change in the quantity produced.
280. Explainwhat average marginal cost means.
The marginal average cost function is the derivative of the average cost function. where Q is the number of units produced.
Marginal cost can be calculated by taking the change in total cost and dividing it by the change in quantity. For example, as quantity produced increases from 40 to 60 haircuts, total costs rise by 400 – 320, or 80. Thus, the marginal cost for each of those marginal 20 units will be 80/20, or $4 per haircut.