The happiness which forms the utilitarian standard of what is right in conduct, is not...(one's) own happiness, but that of all concerned. As between his own happiness and that of others, utilitarianism requires him to be as strictly impartial as a disinterested and benevolent spectator.
There are various types of cost curves, all related to each other, including total and average cost curves, and marginal (for each additional unit) cost curves, which are equal to the differential of the total cost curves. At a level of Q at which the MC curve is above the average total cost or average variable cost curve, the latter curve is rising. 2  If MC is below average total cost or average variable cost, then the latter curve is falling.
There are a few features to note about the total cost curve: 1  The total cost curve is upward sloping (i.e. increasing in quantity). 2  This simply reflects the fact that it costs more in total to produce more output. 3  The total cost curve is generally bowed upwards.