Examlex
What is the purpose of vitamin K?
Average Total Cost
The total cost of production divided by the number of units produced, representing the per-unit cost of production including both fixed and variable costs.
AVC
Average Variable Cost refers to the cost of producing each unit that varies with the volume of output.
AFC
Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.
Total Variable Cost
The sum of all costs that vary directly with the level of production or output, such as materials and labor.
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