Examlex
What does etiology refer to?
Average Variable Cost
The total variable costs (costs that change with the level of output) divided by the quantity of output produced.
AVC Curve
Stands for Average Variable Cost curve, illustrating the average variable costs of production at different output levels.
ATC Curve
Average Total Cost Curve, a graphical representation showing how the average cost of producing one unit of goods changes with the level of production.
Average Fixed Cost
Average Fixed Cost is the fixed expenses of a company divided by the number of units produced, decreasing as production increases.
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