3
Tutorials that teach
Cost: Total, Marginal and Average

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Tutorial

Source: Image of gears, public domain, http://www.clker.com/clipart-2950.html; All graphs by Justin Tapp

**Total Cost**

*Variable costs plus fixed costs*

*Marginal Cost*

*Additional cost incurred when producing one additional product*

*Average Cost*

*Total cost divided by quantity*