Define and calculate the remaining six major cost elements of a business, when given the total costs and the quantity produced. Clearly explain how the average total cost of a new output level is affected by its share of fixed costs and variable costs.

Major cost elements of a business

In this assignment, you will define and calculate the remaining six major cost elements of a business, when given the total costs and the quantity produced. You will also use the computed costs to determine a minimum cost output level for that business. Finally, you will clearly explain how the average total cost of a new output level is affected by its share of fixed costs and variable costs.