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.
The average fixed cost (AFC) curve will decline as additional units are produced, and continue to decline. The average total cost (ATC) curve initially will decline as fixed costs are spread over a larger number of units, but will go up as marginal costs increase due to the law of diminishing returns. The graph below illustrates the shapes of these curves. Figure 3.8: Cost Curves.