Answer: Fixed cost
Explanation:
Fixed cost is the cost incurred by the firm with or without production. The production quantity is not related to the cost incurred by the firm. Examples of fixed cost are the wages paid, electricity charges, rent, interest paid etc. Variable costs are the costs incurred based on the quantity produced which includes material costs, making cost, delivery cost etc.
Economic cost is the loss or gain based on the decisions made by the individual. Average total cost is the addition of all the costs incurred from production of goods. It helps in calculating cost per unit produced.
