Inputs include labor, capital, materials, power, land, and buildings. Variable input is traditionally assumed to be labor. Total variable cost (TVC): same as variable costs. Fixed cost (FC): the costs of the fixed assets (those that do not vary with production).
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Answer:
Inputs include labor, capital, materials, power, land, and buildings. Variable input is traditionally assumed to be labor. Total variable cost (TVC): same as variable costs. Fixed cost (FC): the costs of the fixed assets (those that do not vary with production).