Cost Theory Pt#1: TFC, TVC, TC, AFC, AVC, ATC MC (Calculations, and Explanation)

In this video we will be exploring the microeconomics calculation of cost theory, including total fixed cost (TFC), total variable cost (TVC), total cost (TC), average fixed cost (AFC), average variable cost (AVC) and marginal cost (MC). In this video, this video concerns the calculations of these costs, and how to calculate each of the types of costs. This video is perfect for IB economic students, both HL and SL reviewing or studying for their paper 1, 2, and 3. Optimal Production