The total variable cost (variable cost per unit times units produced) is measured by the area beneath the supply curve
(Institute 33)
Institute, CFA. 2016 CFA Level I Volume 2 Economics. CFA Institute, 07/2015. VitalBook file.
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What about fixed costs? In the diagram in the book, the supply curve starts at some value. I’m guessing the intercept with the price axis is the fixed costs? No?