State the relationship between TC and MC

1.	State the relationship between TC and MC
Answer» There exists a close relationship between the various types of costs. Let us understand the relationship between the following costs 1. Average Cost (AC) and Marginal Cost (MC)2. Average Variable Cost (AVC) and Marginal Cost (MC)3. Average Cost (AC) and Average Variable Cost (AVC) and Marginal Cost (MC)4. Average Cost (AC) and Average Variable Cost (AVC) 5. Total Cost (TC) and Marginal Cost (MC)

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