Total fixed cost doesn't depend on output. It remains fixed at each level of output.
Total variable cost depends on output, and it keeps varying with output.
Total cost is the sum of total variable cost and total fixed cost.
i.e., TC = TVC + TFC
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Average total cost measures total cost per unit of output.
i.e., ATC = (TC / Q)
Average variable cost measures total variable cost per unit of output.
i.e., AVC = (TVC / Q)
Average fixed cost measures total fixed cost per unit of output.
i.e., AFC = (FC / Q)
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Marginal cost measures change in total cost due to a change in output by one unit.
i.e., MC = (ΔTC / ΔQ)
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