Log in or register. The Gilder Lehrman Institute of American History. Log in to favorite pages Share page Print page. The Patrons of Husbandry, or the Grange, was founded in 1867 to advance methods of agriculture, as well as to promote the social and economic needs of farmers in the United States.
Average Cost pricing: One possibility is that the government regulator might want to allow the firm to charge a slightly higher price, but make zero economic profit. This is accomplished when P = AC, an approach that is called Average Cost pricing.
Average cost. In economics, average cost and/or unit cost is equal to total cost divided by the number of goods produced (the output quantity, Q). It is also equal to the sum of average variable costs (total variable costs divided by Q) plus average fixed costs (total fixed costs divided by Q).